The venture capitalist has announced a $950m fund aimed at biotech and IT, but not the internet. Institutionals on both sides of the Atlantic contributed to the fund.
Money from Merlin Bioscience, Citigroup, Verus and 3i; initial close from Vertex.
Electra Partners intends to invest in approximately 15 companies over the next three to four years.
Former analyst Michael Wand brings ‘deep insight into the software landscape' to the group.
Investors in the Scottish fund include Bank of Scotland, Old Mutual, Northern Rock Plc and Fortis Bank SA/NV.
Craig McCallum and Brian Aiken have been taken on as part of Protégé's expansion programme.
Mark Danby's experience at venture capital fund Thinkventures and internet service provider Freeserve will make him a 'key member of the investment team'.
The UK fund manager will make investments in established businesses with financial and commercial problems.
Private equity firms Doughty Hanson and DB eVentures participated in the round.
The size of the fund will allow the private equity firm to "follow companies all the way through from initial investment," according to its managing director.