US legal firm Foley & Lardner said its Foley Ventures Fund II, a corporate venturing fund for investing in or with Foley clients, has raised $2.6m from its partners. Combined with the firm’s initial venture capital fund, Foley Ventures Fund I, the firm’s partners have raised a total of $6.6m and invested in 32 clients. The development of the Foley Ventures funds is a result of the firm’s venture capital and private equity work with funds and emerging growth companies. The firm’s partners recognised that clients need more than legal insights to succeed and funded Foley Ventures Funds I and II to invest in – or alongside – them. Gabor Garai, chair of Foley’s private equity and venture capital practice in Boston, said: “Establishing Foley’s active venture capital funds has proved to be very important in supporting our clients in their pursuit of capital to grow their businesses or to invest in promising early-stage businesses. “By having a vested financial interest in our clients’ businesses, we have demonstrated our commitment to their success by literally putting our money where our mouths are.” When an attorney is working with a venture fund client, Foley Ventures will invest in a portfolio company, which is projected to have adequate cash flow after the investment, for at least one year. For start-up or emerging companies, the fund will invest if the company receives a simultaneous investment from a professionally managed venture fund or angel group, and if adequate cash flow for one year is projected. Foley Ventures Fund II also allows for investment in other venture capital or private equity funds that are managed or sponsored by clients. Foley’s Private Equity & Venture Capital Practice is based in Milwaukee and includes more than 200 attorneys focused on the full range of public and private debt and equity vehicles and their investment activities.
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Foley raises $2.6m for fund II
May 17, 2013 • Katherine Steiner-Dicks
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