Innovacom, the venture capital subsidiary of France Télécom, has exceeded its fund target, raising €120m ($141m) despite a reduced commitment from its parent company.

HarbourVest, a US fund of funds investor, and GIC, the government of Singapore's investment group, added €70m to the initial €50m at the first close of Innovacom's fifth fund. The original target was €100m when it launched in June 2002.