Thomas Weisel Partners is set to close its first fund of funds some $200m (€233.5m) short of its maximum expected target, and has lost the partner that joined to manage the fund amid the continued global rout in technology shares.

The investment bank, which is based in San Francisco and focuses on computer-related companies, is also set to close Global Growth Partners in June with about $300m in commitments. Thomas Weisel had originally set out to garner between $250m to $500m in cash for the fund of funds. But the company was forced to close with $300m as investors remained reluctant to commit funds due to continued weakness in technology sector.