European venture capital funds more than double

Julian Harris
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MORE than double the number of European-focused venture capital funds are raising capital this year than last year, research firm Preqin has said.

There are now a total of 89 funds, looking to raise $13.8bn (£8.6bn). Last year, 34 European-focused venture funds closed on $5.8bn, Preqin found.

Meanwhile, strong equity markets saw fund sales hit a record for North America last month, the Investment Management Association (IMA) said yesterday.

Net retail sales for the North American sector reached £222m, the IMA revealed

Total net retail sales sprung back strongly to £1.9bn, after January’s total of £900m.

February’s figure matches the monthly average of £1.9bn for the previous 12 months, and is £300m higher on the same time last year.

“Equities were again the highest selling asset class in February, led by funds investing in overseas equities,” said IMA director of markets Jane Lowe.

She added: “The top three selling equity sectors were the global, North America and Japan sectors.”

With net retail sales of £272m, the sterling strategic bond sector was the highest selling during February.

Total funds under management in February came in at £575.9bn.