Other limited partners include state-backed European Investment Fund, Scottish Enterprise and the Strathclyde Pension Fund.

Rock Spring Ventures, a UK-based venture capital firm, has raised more than half the targeted £50m ($75m) for its first fund from limited partners including Aberdeen, Edinburgh and Glasgow universities in Scotland.

Other limited partners include state-backed European Investment Fund, Scottish Enterprise and the Strathclyde Pension Fund.

Sinclair Dunlop set up Rock Spring to invest in life sciences, following the success of UK-based TPP Global Development raising £9.6m from private equity investors to fund its drug development collaborations with universities.