PYMNTS.com October 2, 2024
Fidelity raised $250 million for its first fund devoted to venture capital.
The Boston-based asset manager’s latest push into the private asset space — Fidelity Venture Capital Fund I — closed with support from investment advisers, family offices and high-net-worth investors, according to a Wednesday (Oct. 2) press release.
The fund will make minority investments in mid- to late-stage private companies in a range of sectors with a particular focus on the United States in technology, media and telecommunications, the release said.
It has already invested about $31 million in companies including SpaceX and cloud-based infrastructure provider CoreWeave, Bloomberg reported Wednesday.
“Where we are in the cycle, valuations are very attractive,” said Karin Fronczke, portfolio manager and global head of...
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