Accenture Technology Ventures, the venture capital arm of the management consultancy firm, is targeting opportunities in the technology, media and telecom sectors with a new fund, while other venture capitalists continue to bleed red ink from their distressed TMT portfolios.

Accenture is putting its cash behind the e-millennium 1 fund which has now closed fundraising with more than €200m ($182m) in commitments. In the style of a corporate venturer, Accenture claims the fund is not just about money. Investors will contribute their advisory expertise to the fund, which specialises in financing companies in the later stages of expansion.