Université libre de Bruxelles has added a fourth Theodorus fund to its arsenal with an initial close of $23m and a target of up to $33.5m.

Theodorus, the university venture arm of Université libre de Bruxelles (ULB), has achieved an initial close of nearly €20m ($23m) for its fourth fund, L’Echo reported on Saturday.

The limited partners of Theodorus IV include SRIB, an investment company owned by the municipal government of Brussels, public-private partnership Sambrinvest and Belgian state-owned investment firm SFPI-FPIM.

Financial services firm BNP Paribas and holding firm Sofina also injected capital, as did several family offices.

Theodorus IV will target a final close of €25m to €30m, with a view of investing in some 15 companies over the next six years. The fund will aim to lead seed rounds in ULB spinouts and startups from the local ecosystem, providing a maximum of €2.5m to each company.

Marie Bouillez, partner of Theodorus, told L’Echo that Theodorus IV had already lined up three potential deals to be considered by the investment committee, out of a pipeline of some 10 projects. She did not offer further details about the three opportunities.

The first Theodorus fund was created in 2003 as an evergreen vehicle, followed by the €5.4m second fund in 2006 and the €20.3m third vehicle in 2012.

The funds specialise in biotechnology, medtech, digital and high-tech companies and have supported 33 businesses to date, which have secured more than €220m in follow-on funding and generated 550 jobs between them.