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SEP on course to invest £60m in portfolio

SCOTTISH Equity Partners (SEP), the venture capital operation, has said it is on course to boost total investment by around 50% in 2013 and indicated deal activity could increase next year .

Managing partner Calum Paterson
Managing partner Calum Paterson

The Glasgow-based company is on course to invest £60 million in total this year compared with around £40m in 2012.

The firm said it had added to its portfolio of firms based in Scotland in 2013 but did not disclose details.

Around a third of the businesses in the 40-strong portfolio are based in Scotland. SEP said it expected investment opportunities to increase further next year. It favours sectors such as technology.

Managing partner Calum Paterson said: "Technology innovation is increasingly disrupting everyday life, business activity and the global economy. We feel sure that this trend will continue at an even greater pace in 2014."

He added: "Our challenge is to find the entrepreneurs who can successfully commercialise the opportunities which are opening up and to help them build great companies."

The firm expects to recruit staff to work in its Glasgow and London centres in 2014 to help handle the expected workload.

Ian Marchant, former chief executive of Scottish and Southern Energy, will join SEP's Investment Advisory Board in January.

The firm said aggregate revenues for businesses in its portfolio had grown 22% annually in 2013 so far, to almost £700m. Employment across the SEP companies has increased by 12% annually to more than 4200.

The portfolio includes Skyscanner, the Scotland-based travel search company. Skyscanner was valued at $800m (£490m) in a recent funding deal involving a US private equity firm.

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