US early stage investment firm Scout Ventures, which last year changed its name from BHV, has refiled its latest VC fund to take advantage of new rules opening up the door to general solicitation, Dow Jones has reported.
Originally designed to prevent unsophisticated investors parting with their cash for investment opportunities they might not fully understand, the passing of the 2012 JOBS (Jumpstart Our Business Startups) Act has led to relaxed rulings on the ability of private equity and other private investment funds to solicit for investment within the US.
The alterations have been made possible by shifting the responsibility for ensuring investors are “accredited” from the individuals to the firms doing the soliciting, something most firms would have been covering anyway in their own compliance procedures.
In March 2013, Scout Ventures launched its second fund, Scout Ventures Fund II, but has now refiled the $30m-targeting BHV Entrepreneurship Fund II, alongside its $5m BHV Entrepreneurship Fund IA.
Under the leadership of founder and managing partner Brad Harrison, Scout Ventures has invested in 35 companies since 2009 – in industries including advertising, social, ecommerce, services, content, infrastructure and mobile. Exits out of Scout Ventures’ first fund, BHV Entrepreneurship Fund, include BlackBook, SocialWeekend, and GateGuru.
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