Business Growth Fund (BGF) expects to close two deals in Scotland by the end of March and is targeting up to £50 million of investment in the country this year.
It is understood the deal closest to completion is in the oil and gas sector.
So far BGF's Scottish team has invested £25m, including taking stakes in Edinburgh-based morphsuits maker AFG Media, Aberdeen oil and gas services company STATS Group and East Kilbride technology firm M Squared Lasers.
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