Bowman Capital retrenches

The technology sector investment firm is said to be returning investors' commitments to its latest private equity fund and scaling back its European activities.

Bowman Capital Partners, the US west coast headquartered investment manager that specialises in public and private techology company investing, is reported to have advised third part investors that it no longer intends to pursue its current private equity fund raising.

The Financial Times reports that the firm had received some $470m in commitments for the new private equity fund but that it is now halting the fund raising and is also returning a portion of a $80m capital call it had made on investors in April. The newspaper also reports that the firm is closing its European unit which it opened in January of this year. No one at its London or Edinburgh offices was able to confim this to PEO today.

Bowman has significant exposure to the technology sector. It describes its portfolio of investee companies as being 'broadly diversified among leading providers of next-generation Internet infrastructure, software and services as well as communication equipment, components and services'.

In September, the firm led an $18m funding round for Tao Group, a UK mobile applications software developer.

Earlier this year in May, the company returned a portion of the investment capital third party investors had committed to its fund devoted to large cap technology stocks.