Gamma Capital Partners, an Austrian venture capital firm, has closed its second fund at €17.25m ($21m) bringing the firm's assets under management to €38m.

The fund has closed 70% above the initial €10m close in April 2003. In addition to the cornerstone investors, Investkredit Bank and Raiffeisen-Landesbank Oberösterreich, two Austrian banks, six other Austrian institutions and family offices have committed to the fund.