Schroder Ventures International Investment Trust (SVIIT), the quoted private equity vehicle which invests in Schroder Ventures funds, has issued £40m (64m) of unlisted convertible bonds through a private placement.

The bonds, which have a coupon of 4.5%, were issued to increase SVIIT's capacity to invest in Schroder Ventures' funds. The first of the new funds will be Schroder Ventures International Life Sciences Fund III, advised by Schroder Ventures Life Sciences and launched earlier this month.