Millennium Technology Ventures has held a final closing for Millennium Technology Value Partners II, with USD280m in committed capital.
The new fund, which launched in 2009 with a target of USD200m, ended oversubscribed and closed at USD280m in limited partner commitments.
Millennium’s prior fund, which held its final closing four years ago, was a USD130m fund.
Sam Schwerin (pictured), managing partner at Millennium, says: "Among the key hallmarks of our strategy that has resonated particularly well with the marketplace is our initiative to create trusted partnerships with leading private companies to provide access to liquidity solutions for their constituents. With this focus, we are addressing a major challenge within the venture capital ecosystem: the systemic lack of liquidity in this asset class. Some of the world’s most sophisticated institutional investors have similarly recognised this opportunity and invested with us in TVP II."
Among the institutions that have committed to Millennium Technology Value Partners II are state and municipal retirement systems, funds of funds, banks and insurance companies, endowments and foundations, and institutions known for private equity investing.
Some of these limited partners include: Alfred I. duPont Testamentary Trust; Public Safety Personnel Retirement System of the State of Arizona; Los Angeles Fire and Police Pensions; Fairview Capital Partners; Grove Street Advisors; AMP Capital Investors; Siemens Global Innovation Partners I; and the Nemours Foundation.
