Paris-based AXA Venture Partners (AVP) has completed a €250 million first closing of its new AVP Growth Fund II. By year’s end, the final closing is expected to bring in €500 million.

Over the past 5 years, AVP has deployed €400+ million in capital to more than 45 technology companies in the early growth stage, and their portfolio includes unicorn Phenom People, as well as one exit with One Inc. While AVP’s Capital I fund was focused solely on companies in early growth stage, the Captial II fund will invest in all areas of company growth, i.e. early to late.

The fund received the “Late Stage” label from the French government, an important distinction, as this then qualifies AVP to partake in the €3 billion set aside for such funds as part of the €6 billion Tibi initiative.