PANews reported on August 28th that according to TFN, Lakestar, the European venture capital firm that made early investments in Spotify and Revolut, has closed a $265 million follow-on fund. Secondary market specialist Lexington Partners served as anchor investors alongside Industry Ventures and Performance Equity Management. This oversubscribed fund enables Lakestar to roll equity from four existing funds into the new fund, extending its holdings in portfolio companies while providing liquidity for limited partners looking to exit. Lakestar founder and chairman Klaus Hommels stated that the fund is one of the largest follow-on funds in the European venture capital sector.