SkyDeck, the accelerator of University of California (UC) Berkeley, closed a $24m oversubscribed fund on Friday with commitments from VC firms Sequoia Capital and Mayfair Venture Capital.

E-commerce group Alibaba and assorted alumni, through various investment vehicles, also provided capital to the fund that had an original target size of $10m, according to Axios. The fund follows news on Friday that the Berkeley-affiliated House Fund is seeking to raise a $50m vehicle.

The Berkeley SkyDeck Fund has an exclusive license with the university to invest in SkyDeck’s cohort and emerged with a portfolio of 16 companies – all the members of the accelerator’s current cohort that each received $100,000 in return for a 5% equity stake.

Led by Chon Tang, the fund will donate half of its profit back to UC Berkeley to support research, education and entrepreneurship.

The SkyDeck accelerator was formed as a partnership between the university’s Haas…

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