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UK software-focused venture firm Pentech closes £45m fund10/09/2008. Source: AltAssets. 
 Scottish venture capital firm Pentech Ventures has closed it second fund, Pentech Fund II, on £45m, above its target of £25m. The fund held a previous closing in November 2007, on £30m.
Existing investors including European Investment Fund, Scottish Widows Investment Partnership, F&C Private Equity Trust and Souter Investments were joined by new European investors including Alliance Trust, Innotech Laminvest and NESTA.
The fund will target investments across the UK and Ireland targeting businesses in the enterprise software, telecommunications software, internet, mobile and tech media sectors.
Founding partner Eddie Anderson said, 'We are delighted that our existing backers have continued to support us, and that we have attracted excellent new investors to Fund II. This is a great endorsement of our approach: at Pentech, we use the extensive operational and technical expertise of our UK and US teams to identify companies with the potential to be globally successful, and we then work with these entrepreneurs to deliver on their ambitions. This second fund really confirms that Pentech is now one of the leading software investors in the UK.'
Pentech Ventures closed its first fund in 2002, on £22.5m.
Earlier this month Pentech made the first investment from the fund, in anti-hacking software company Metaforic.
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