Paris-based VC firm Partech has announced the closing of the fundraising of its new growth fund. Partech Growth II is the firm's second growth fund. And the team managed to raise $750 million.
As a reminder, Partech Growth I was a smaller fund with €400 million under management, which represents $460 million at today's exchange rate. Partech closed Partech Growth I back in 2015.
When it comes to today's fund, backing comes from 45 institutional investors, such as endowments, foundations, pension funds, life insurers, asset managers and fund-of-funds. Around 40 family offices, entrepreneurs and business angels also participated directly in the new fund.
"We're humbled and grateful for the support of, and commitment from, our global investors. It allows us to continue to deliver meaningful and strategic assistance to the outstanding community of European tech entrepreneurs who decide to welcome us on their journey," Partech Growth General Partner Omri Benayoun said in a statement.
Partech plans to invest across many different verticals, both enterprise and consumer companies, across multiple industries. The firm plans to invest in 12 to 15 companies with an average check ranging from $22.4 million to $78.4 million (€20 million to €70 million).