The SEP V fund will invest up to £20m in growth-stage technology businesses based mainly in the UK and Ireland.
It will also play "an active and supportive role" in their development.
SEP said investments in companies in other European countries would also be considered.
According to SEP, the fund was over-subscribed and closed above target.
SEP managing partner Calum Paterson said: "This is another great milestone for us and reflects extremely well on the calibre of our team.
"The new fund gives us a very strong platform to continue to invest in companies with world-class potential and we thank all of our investors for their support."
SEP portfolio companies currently employ more than 5,500 people and have aggregate revenues of more than £1bn.
They include Edinburgh-based travel search company Skyscanner and online car finance specialist Zuto, which is based in Manchester.
Non-UK companies in the portfolio include Berlin-based language learning company Babbel and Dublin-based e-commerce analytics company Clavis Insight.
SEP has 45 partners and employees across its Glasgow, London and Edinburgh offices.

8 March 2016 Last updated at 10:42 GMT
Peter Slevin, her biographer, talks about her legacy.
He looks at the first lady to do a hula hoop on the White House lawn and dance in public to Uptown Funk.
Mrs Obama has also taken a proactive stance on education and obesity among young people.

Glencoe, Loch Ness and Loch Lomond have been ranked among the top 10 best views in the UK.
The highest place went to Snowdon in Wales, followed by the Three Sisters at Glencoe.
Stonehenge in Wiltshire came out third, but we asked for your favourite views from around Scotland.
Here we've collected some of the very best of the pictures you've sent us.

The prosperity index was compiled by the Legatum Institute and is based on data from 170 locations across the country.
According to the organisation, prosperity was measured by average incomes and happiness levels.
The Black Country borough of Sandwell was ranked second-last in terms of prosperity.
In addition, Blackpool, Liverpool and East Derbyshire were ranked in the bottom five.
With the exception of the Outer Hebrides, the top five most prosperous areas in Britain are in London, according to the index.
The findings are based on local GDP figures from 2011 and the Office for National Statistics well-being data from 2013-14.
Sian Hansen, executive director at the Legatum Institute, said: "The data shows that Wolverhampton is the least prosperous part of the UK because its citizens report the lowest levels of satisfaction with their lives.
"Some of the most prosperous areas of the country are those where, regardless of their income, people have the opportunity to lead healthy, fulfilling and prosperous lives."
Wolverhampton residents and workers were split about the study's findings.
"I think it's a bit harsh to be bottom," said 23-year-old Shane Parker, from Coseley.
"It's not as bad as some people think, there are places in Birmingham that are much worse.
Angela Scrivens, 42, from Bilston, said: "I think the town itself is quite dull, but the people can be quite happy.
"It's gone through a rough patch lately, but the town centre is being done up, and hopefully that will bring in more jobs and people."
Sharon Kiteley, 47, from Dudley, said: "Whenever I've looked around I've always seen happy smiling faces, so I can't believe it's come last.
Responding to the findings, the leader of the City of Wolverhampton Council, Councillor Roger Lawrence, said: "Whilst it's fair to say that Wolverhampton took a battering during the recession, we're now seeing some really positive signs of recovery.
"The data used is from 2011 and 2013-14. Wolverhampton's come a long way since then and as we approach 2016 there's a lot going on in our city."
Glasgow-based venture capital firm Scottish Equity Partners (SEP) has raised £260m for a new fund that will focus on high-growth technology companies.
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The White House's first black first lady Michelle Obama once told her aides not to "just put me on a plane, send me someplace and have me smile".
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Wolverhampton is the least prosperous area in the UK, according to findings from an international think-tank.