The SEP V fund will invest up to £20m in growth-stage technology businesses based mainly in the UK and Ireland.
It will also play "an active and supportive role" in their development.
SEP said investments in companies in other European countries would also be considered.
According to SEP, the fund was over-subscribed and closed above target.
SEP managing partner Calum Paterson said: "This is another great milestone for us and reflects extremely well on the calibre of our team.
"The new fund gives us a very strong platform to continue to invest in companies with world-class potential and we thank all of our investors for their support."
SEP portfolio companies currently employ more than 5,500 people and have aggregate revenues of more than £1bn.
They include Edinburgh-based travel search company Skyscanner and online car finance specialist Zuto, which is based in Manchester.
Non-UK companies in the portfolio include Berlin-based language learning company Babbel and Dublin-based e-commerce analytics company Clavis Insight.
SEP has 45 partners and employees across its Glasgow, London and Edinburgh offices.
Glasgow-based venture capital firm Scottish Equity Partners (SEP) has raised £260m for a new fund that will focus on high-growth technology companies.