Formative Ventures Raises $77.5 Million Venture Capital Fund: Financial News - Yahoo! Finance
"Formative Ventures' Debut Institutional Fund Attracts Strong Roster of Investors with Harvard as Anchor Limited Partner
MENLO PARK, Calif., Sept. 19 /PRNewswire/ -- Formative Ventures, an early-stage venture capital firm launched by partners with firsthand operating experience in growing start-ups into successful companies, has closed its first institutional fund at $77.5 million. Harvard Management Company, which manages the University's endowment, serves as the anchor limited partner for the Formative Ventures Emerging Technology Fund.
In addition to Harvard, Formative Ventures received investment commitments from groups such as the University of Virginia Investment Management Company (UVIMCO), the University of Pittsburgh, and GKM Newport Generation Funds. In all, 13 institutional investors contributed to the Formative Ventures Emerging Technology Fund, with almost 90 percent of the commitments coming from foundations and endowments. The balance came from contributions from fund-of-funds, private investment groups and individuals.
"We pride ourselves in finding new venture groups that we feel can become 'blue chip access-only' funds, and are particularly excited about working with Formative Ventures," said Erica Bushner, Managing Director of GKM Newport Generation Funds, a fund-of-funds investor in Los Angeles. "We believe that Formative Ventures has the drive, determination, and know-how to become a next-generation leader in early-stage venture capital.""
Read more here.
MENLO PARK, Calif., Sept. 19 /PRNewswire/ -- Formative Ventures, an early-stage venture capital firm launched by partners with firsthand operating experience in growing start-ups into successful companies, has closed its first institutional fund at $77.5 million. Harvard Management Company, which manages the University's endowment, serves as the anchor limited partner for the Formative Ventures Emerging Technology Fund.
In addition to Harvard, Formative Ventures received investment commitments from groups such as the University of Virginia Investment Management Company (UVIMCO), the University of Pittsburgh, and GKM Newport Generation Funds. In all, 13 institutional investors contributed to the Formative Ventures Emerging Technology Fund, with almost 90 percent of the commitments coming from foundations and endowments. The balance came from contributions from fund-of-funds, private investment groups and individuals.
"We pride ourselves in finding new venture groups that we feel can become 'blue chip access-only' funds, and are particularly excited about working with Formative Ventures," said Erica Bushner, Managing Director of GKM Newport Generation Funds, a fund-of-funds investor in Los Angeles. "We believe that Formative Ventures has the drive, determination, and know-how to become a next-generation leader in early-stage venture capital.""
Read more here.
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