After investing in private companies for more than 15 years, Fidelity Investments has raised its first dedicated venture capital fund, closing on $250 million to invest mid- to late-stage enterprises.
Fidelity Venture Capital Fund I’s investors include high-net-worth individuals, family offices and registered investment advisers, the firm said in a statement. It did not disclose any investor names.
Fidelity said fundraising took about four months, although it filed a Form D for the fund in March. The regulatory filing notes that Fidelity Venture Capital Fund I GP LLC is the general partner of the issuer. Seven people are identified as “executive officers” of the fund: Heather Bonner, Timothy Cohen, Casey Condron, Jonathan Davis, Christina Erickson, Lisa Krieser and Thomas Vercillo.
It isn’t clear why Fidelity chose to raise a closed-end venture fund at this time. In its statement, the Boston-based firm writes that it “has invested in private companies for over 15 years, typically focusing on rapidly growing category disruptors with durable competitive advantages and experienced management teams. Fidelity has made over 600 investments across more than 350 private companies and deployed over $28 billion of capital on behalf of Fidelity’s suite of mutual funds.”
Fund I will invest globally and across sectors, but with a particular emphasis on the US and in the technology, media, and telecommunications sectors. It has already invested about $31 million in 10 companies across various sectors, including AI, aerospace, defense, data and e-commerce.
Fidelity is also in market with a growth fund called Fidelity 2022 Private Equity Multi-Strategy Fund and two private debt funds, Fidelity Private Equity Multi-Strategy Fund II and Fidelity Multi-Strategy Credit Fund, according to fundraising data from affiliate title Buyouts.
Fidelity notes that it manages a variety of alternative investment vehicles, including for private equity, private credit, real assets, liquid alternatives and digital assets. “Fidelity Investments’ alts lineup includes 50 funds, including funds for eligible investors and funds available to the firm’s investment team for portfolio construction, totaling $27.8 billion in assets under management,” the firm said in the statement.
After investing in private companies for more than 15 years, Fidelity Investments has raised its first dedicated venture capital fund, closing on $250 million to invest mid- to late-stage enterprises.
Fidelity Venture Capital Fund I’s investors include high-net-worth individuals, family offices and registered investment advisers, the firm said in a statement. It did not disclose any investor names.
Fidelity said fundraising took about four months, although it filed a Form D for the fund in March. The regulatory filing notes that Fidelity Venture Capital Fund I GP LLC is the general partner of the issuer. Seven people are identified as “executive officers” of the fund: Heather Bonner, Timothy Cohen, Casey Condron, Jonathan Davis, Christina Erickson, Lisa Krieser and Thomas Vercillo.
It isn’t clear why Fidelity chose to raise a closed-end venture fund at this time. In its statement, the Boston-based firm writes that it “has invested in private companies for over 15 years, typically focusing on rapidly growing category disruptors with durable competitive advantages and experienced management teams. Fidelity has made over 600 investments across more than 350 private companies and deployed over $28 billion of capital on behalf of Fidelity’s suite of mutual funds.”
Fund I will invest globally and across sectors, but with a particular emphasis on the US and in the technology, media, and telecommunications sectors. It has already invested about $31 million in 10 companies across various sectors, including AI, aerospace, defense, data and e-commerce.
Fidelity is also in market with a growth fund called Fidelity 2022 Private Equity Multi-Strategy Fund and two private debt funds, Fidelity Private Equity Multi-Strategy Fund II and Fidelity Multi-Strategy Credit Fund, according to fundraising data from affiliate title Buyouts.
Fidelity notes that it manages a variety of alternative investment vehicles, including for private equity, private credit, real assets, liquid alternatives and digital assets. “Fidelity Investments’ alts lineup includes 50 funds, including funds for eligible investors and funds available to the firm’s investment team for portfolio construction, totaling $27.8 billion in assets under management,” the firm said in the statement.
