Quester, the UK venture capital firm, has raised €115m ($102m) for its new venture capital fund targeting institutional investors from the UK, US, Europe and Japan, the firm's first substantial institutional fund for more than a decade.

The new fund is a return to institutional fundraising for Quester, which is well-known for targeting private investors with its venture capital trusts (VCTs). Quester's fifth VCT has raised over £10m (€16.3m), and will often invest alongside the firm's earlier VCT investments.