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Matrix Partners sticks to $450m for tenth fund despite heavy LP interest

10 May 2013

us flag6_sqThirty-year-old venture capital firm Matrix Partners has held fast on a $450m final close for its tenth early-stage vehicle despite “significant oversubscription”.

The vehicle is Matrix’s third consecutive $450m fund, but will be the firm’s sole US investment vehicle after it decided not follow-up the $150m Special Opportunity Fund raised alongside its ninth vehicle in 2008.

Matrix said it went for the SOF “to take advantage of some unique investment opportunities we thought might emerge”, but revealed that it never called any capital in that fund.

The firm said Matrix X would target consumer internet, mobile, enterprise software and IT infrastructure businesses.

Matrix general partner Tim Barrows said, “We are grateful for the on-going support of our limited partners who believe in Matrix’s long-term approach to venture capital.

“Matrix X will continue our long history of partnering with exceptional founders at the early stages of company formation to develop disruptive technologies and build world-class companies.”

Earlier this month Matrix hired Jared Fliesler, formerly of payments software company Square, as a general partner.

Fliesler was previously as vice president of user acquisition and business operations at Square.

He will be based in the firm’s Silicon Valley office. Prior to Square he held senior positions at Google and Slide.

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