Media group Disney is understood to have scaled back its financial commitment to its corporate venturing affiliate, Steamboat Ventures, after strong performance in its portfolio caused the fund to be closed relatively early.

Disney is understood to be providing $42.5m to Steamboat’s fifth fund, instead of an expected $75m reported by news provider Fortune in January last year.

This is 50% of the Steamboat Fund V’s total, after the firm filed with US regulators last month that it had raised $85m from 13 limited partners.

The fund was closed in December after one of the fifth fund’s portfolio companies, US-based Woodman Labs, maker of the GoPro sports camera, raised $200m from technology company Foxconn at a $2.25bn valuation.

A source close to the fundraising process said: “Steamboat’s decision to close at $85m and not take additional capital is a function of the remarkably strong performance of the investments already in…

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