Summit Park wraps up third fund at $245 mln

Summit Park has closed its third fund at $245 million, beating its original target of $200 million. Summit Park III’s limited partners include pension funds, foundations and asset managers. Morgan, Lewis & Bockius LLP was legal counsel to Summit Park on the fundraising. The Charlotte, North Carolina-based firm invests in lower-middle market companies that have an EBITDA between $4 million and $15 million. PRESS RELEASE Summit Park (“SP” or the “Firm”) is pleased to announce the final closing of Summit Park III, L.P. (“SP III” or the “Fund”) at $245 million. The Fund exceeded its original target of $200 million. Limited partners include all of the predecessor fund’s investors, as well as the addition of several new institutional investors, including pension funds, foundations and asset managers. SP III will continue the strategy of the Firm’s predecessor fund, Summit Park II, L.P., which closed in April 2015. Investment
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Bessemer to raise a tenth venture-capital fund

Bessemer Venture Partners has set out to raise a tenth venture-capital fund, according to a filing with the SEC. The firm did not revealed a target size or report a first close. Bessemer’s ninth fund closed in February 2015 and attracted $1.6 billion. The firm invests across stages, from seed to growth rounds, with a focus that ranges from enterprise to consumer and healthcare. The filing can be found here.

Singapore’s Golden Gate Ventures launches $10 million crypto fund: Reuters

Singapore-based venture capital firm Golden Gate Ventures said on Friday it will launch a $10 million fund to invest in cryptocurrency and blockchain technology startups. The fund, called LuneX Ventures, will invest in early-stage companies globally such as cryptocurrency exchanges and security providers. Investors in the fund will include high-net worth individuals and family offices. The fund is among a cluster of similar ventures that invest in the cryptocurrency space, backed by wealthy individuals and financial firms, that have emerged over the past year. Such firms have partially replaced the retail investor base, which drove bitcoin’s skyrocket rise in 2017. The price of the world’s biggest and best-known virtual currency has more than halved from a high of near $20,000 late last year.

Strategic Healthcare Investment Partners to raise $125 mln venture-capital fund

Strategic Healthcare Investment Partners has set out to raise a $125 million venture-capital fund, according to a filing with the SEC. The firm did not report a first close. The firm is managed by Brad Vale, formerly with Calaveras Creek Capital and Johnson & Johnson‘s venture unit, and Mudit K. Jain, also formerly with Johnson & Johnson’s venture team and presently a managing director at Synergy Life Science Partners. The filing is available here.  

Benhamou Global Ventures wraps up fund at over $40 mln

Benhamou Global Ventures, a Silicon Valley-based early-stage venture firm, has closed its opportunity fund at over $40 million. The fund’s investors include previous limited partners and several new international and institutional limited partners. PRESS RELEASE PALO ALTO, Calif.–(BUSINESS WIRE)–Benhamou Global Ventures (BGV), an early-stage venture capital firm with deep Silicon Valley roots and an exclusive focus on the digital transformation of the enterprise with a cross-border innovation theme, announced the first close of the BGV Opportunity Fund with over $40M of capital committed to date. Investors in this fourth fund include both existing limited partners as well as several new international and institutional LPs. The BGV Opportunity Fund will focus on capturing the full pro rata in winning portfolio companies from BGV II and BGV III as they mature and raise late stage equity rounds. Target portfolio companies will have achieved product market fit, established a repeatable go-to-market
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OS Fund II fetches $250 mln

OS Fund has raised $250 million for its second fund. OS Fund invests in “entrepreneurs and companies that develop breakthrough discoveries in science to address our most pressing global problems.” PRESS RELEASE VENICE, Calif.–(BUSINESS WIRE)–Bryan Johnson and Jeff Klunzinger are raising $250 million for OS Fund II — following a successful $100M OS Fund I. OS Fund is a venture capital fund that invests in entrepreneurs and companies that develop breakthrough discoveries in science to address our most pressing global problems. OS Fund I made 28 investments total, with 27 receiving follow on investment, four valued at over a billion dollars, and two acquired. According to PitchBook, OS Fund’s investments were among the top 10% of U.S. funds in performance. The success of OS Fund has proven that it’s possible to achieve results by breaking the rules that traditionally govern deep tech investing. OS Fund invested in
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ClearSky raises $244.7 mln for security fund

ClearSky has raised $244.7 million of a targeted $300 million for its first security fund, according to a regulatory filing. The venture and growth equity firm has offices in Florida, New York, Boston and San Francisco, and is led by Alexander Weiss, Jay Leek, James Huff, James Goldinger, and Peter Kuper. The firm invests in the power and security industries, according to its website. The filing lists 94 investors.

Quantum racks up over $5.5 bln for seventh fund

Houston-based private equity firm Quantum Energy Partners has closed its seventh fund at a hard cap of $5.575 billion. Sidley advised Quantum on the fundraising. PRESS RELEASE HOUSTON, Aug. 07, 2018 (GLOBE NEWSWIRE) — Quantum Energy Partners (“Quantum”) announced today that it has held its final closing on Quantum Energy Partners VII and its affiliates (collectively, “QEP VII”) above its hard-cap with $5.575 billion of equity capital commitments, including commitments from the General Partner and its affiliates. Quantum has built one of the leading energy private equity franchises that invests across the energy value chain and, together with its affiliates, has managed more than $16 billion of equity commitments since 1998. Quantum remains committed to the cycle-tested investment strategy it has successfully implemented since its founding, partnering with exceptional entrepreneurs that have a strong emphasis on operational excellence and that can demonstrate unique and sustainable competitive advantages to
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Cybersecurity investor Ten Eleven raises $140 mln for growth fund, adds Temasek as LP

Burlingame, California-based cybersecurity-focused investor Ten Eleven Ventures announced it has raised $140 million for its second growth fund. The firm, managed by Alex Doll, a digital-security entrepreneur and son of DCM Ventures co-founder Dixon Doll, and investor Mark Hatfield, said it added several new investors into the fund, including Singapore LP Temasek. Ten Eleven said it will work with Temasek to expand geographically, including into Southeast Asia, where the firm says its portfolio companies are aiming to reach when they hit the point of scaling. In addition, the firm announced it has hired Brian Draves as a partner and chief operating officer. Draves was previously general counsel at Techstars. Source: Firm blog post

H.I.G. seeks $2.75B for U.S. buyout fund: Financial News

H.I.G Capital has raised $2.39 billion for a U.S. buyout fund focused on mid-market companies, Financial News reported. H.I.G. is seeking $2.75 billion for the HIG Advantage Fund, up from its initial $2.25 billion target, the story said, citing an SEC filing. H.I.G. of Miami invests in small to mid-market companies valued at between $50 billion to $500 million, Financial News said.