"2 areas of the UK with a high density of universities, the South East and Cambridge, are trying to lure early-stage companies from proof of concept/early stage into commercialization with 2 new special funding schemes. Finance South East will manage a new fund, PoCKeT (The Proof of Concept Knowledge Transfer Fund), to help small and medium-sized businesses undertake collaborative research at the proof-of-concept stage with a university or high-education partner to develop new products or services with commercial potential. The fund is co-financed by South East of England Development Agency (SEEDA) and the European Social Fund (ESF). In Cambridge, the Cambridge University Challenge Fund is joining forces with 3i, Amadeus, Avlar BioVentures, IDG Ventures, Porton Capital and TTP Ventures to form a new entity, Cambridge Venture Partners, which will provide commercial opportunities for the University's researchers to form university spin-outs.

Tech companies in Central and Eastern Europe are also targeted by new funds. According to various media reports, private equity firm The Carlyle Group recently terminated plans for a proposed �240 million Russian fund. However, this week Delta Private Equity Partners closed a new �95 million fund, the Delta Russia Fund, focusing on Russia and Ukraine with commitments from high net-worth individuals and a number of international financial institutions from the US, Europe and Japan. The fund will invest in both early and later-stage companies in the financial services, consumer products, telecommunications, media and technology sectors. Hot on Delta's heels is 3TS Capital Partners, a Central European private equity firm which will be investing in almost the same category of companies from its �100 million 3TS Central European Fund II raised recently from one of its existing investors 3i. The fund will focus on EU (accession) member countries in Central and Eastern Europe.

In addition, Benchmark Capital further stuffed its pockets by raising a second fund targeting investments in Israeli early-stage software, Internet, applications and communications companies. Benchmark Israel II holds funds totaling �200 million. Atlantic Bridge Ventures held the first closing of its ABVEN I fund at �50 million. The fund will invest in early and mid-stage semiconductor, enterprise software and mobile technology companies in Europe with a strong focus on US transatlantic business building and exit models."