Vanderbilt University joined fellow LPs including Consumer Technology Association in an oversubscribed close for the diversity-focused Harlem Partners Venture Fund I.
US-based venture capital firm Harlem Capital closed its inaugural fund at $40.3m on Monday with limited partners (LPs) including Vanderbilt University, surpassing its $25m target and $40m cap.
Harlem Partners Venture Fund I engaged 55 LPs, including student startup-focused VC firm Dorm Room Fund, trade convention operator Consumer Technology Association and private equity group TPG.
Other backers include public pension manager State of Michigan Retirement System, and philanthropic offices Harry and Jeanette Weinberg Foundation and WK Kellogg Foundation, as well as several individual investors.
In addition to capital, TPG will also provide operational resources, as will private equity firm KKR and accelerator Techstars.
Harlem Capital started as an angel syndicate in late 2015 to aid diversity in entrepreneurship through deal-making and thought-leadership, racking up six investments in this capacity before launching the fund in June last year.
The fund will focus on investing in startups led by women and minority entrepreneurs, supplying both initial capital and follow-on funding.
Approximately half of the fund’s individual LPs are women or ethnic minorities. It has so far made eight investments, out of an envisaged total of 30, including gig economy marketplace Jobble, pet care platform Wagmo and feminine hygiene products supplier Aunt Flow.
Henri Pierre-Jacques, managing partner of Harlem Capital, said: “This closing is a huge accomplishment for us, but also just the beginning of a long mission to change the face of entrepreneurship. The fundraising process was truly humbling and enabled us access to so many incredible people. Thank you to all that made this first step possible.”
