Invesco Private Capital, the venture capital arm of US asset manager Invesco Institutional, has closed fundraising for its third fund of funds, raising $300m (€337m) in a bleak fundraising environment.

The Invesco Partnership Fund III will invest in venture capital and buy-outs in both the US and international funds. The international funds will mainly be in Western Europe. The fund has more than 30 limited partners, including public funds, endowments and foundations, corporate pension plans, and high net worth individuals.