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Greycroft holds ‘one-and-done’ $200m final close for debut growth fund

19 Jun 2014

New York Yankees - AltAssets Private Equity NewsNew York venture capital firm Greycroft Partners has held a ‘one-and-done’ final close for its first growth fund on its $200m hard cap, just four months after launching the vehicle.

The firm was initially targeting $160m for Greycroft Growth but soared past that in rapid fashion as LPs lapped up the opportunity to benefit from bigger investment in Series C and D rounds.

Greycroft Growth will target investments of between $5m and $10m per company, larger investments than it has previously looked for with its flagship vehicles.

The fundraise comes just two years after Greycroft Partners raised $175m for its oversubscribed third fund, which nevertheless held to its original hard cap.

Virtually all of Greycroft’s previous investors committed to that fund, including JP Morgan, BlackRock Private Equity Partners, Fairview Capital, and Invesco Private Capital.

It is unclear whether those LPs took part in the growth financing, although the swift nature of the fundraise suggest that was the case.

Greycroft II, which closed in April 2010, was capped at $131m and funded 32 companies.

The main funds have focused on internet and mobile companies with an emphasis on smaller Series A rounds in capital efficient businesses, aimed at producing venture-type returns independent of the IPO market.

Greycroft initially participated only in companies with some commercial traction, but from Fund II initiated a small seed programme dedicated to repeat entrepreneurs in its ecosystem.

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