The corporate-backed venture firm has already made two exits out of its $448m first fund, and its first investment from the $500m fund it just closed.

Corporate-backed venture capital firm Formation 8 has closed its second fund at $500m, reaching a target set in October, the New York Times reported on Wednesday.

The US-based firm was founded in 2011 and secured $448m for its first fund, which was backed by limited partners including conglomerates CJ Group and LS Group, and telecommunications company Korea Telecom. The investors in its latest fund have not been disclosed.

Two portfolio companies from the first fund have already provided Formation 8…