Foley & Lardner LLP has launched Foley Ventures, a USD4 million venture capital fund exclusively to invest in or with Foley clients.
The development of Foley Ventures is a direct result of the firm’s extensive experience and insight gained through working with numerous private equity and venture capital funds and emerging companies. Recognising that clients need more than legal insights to succeed, the firm launched Foley Ventures to have the ability to invest in or alongside clients.
“We felt that establishing a venture fund was the next logical step in support of our clients dealing with sophisticated financing issues,” says Gabor Garai (pictured), chair of the firm’s Private Equity & Venture Capital Practice. “By having a vested interest in our clients’ businesses, we are further demonstrating our commitment to their success by literally putting our money where our mouths are.”
The Foley venture fund was designed to make the investment process simple. If working with a venture fund client, Foley Ventures will invest in a portfolio company if it is projected to have adequate cash flow after the investment for at least one year. For startup or emerging companies, the fund will invest if the group receives a simultaneous investment from a professionally managed venture fund, and if with both investments adequate cash flow for one year is projected. When the investment is made by an angel fund, Foley Ventures will invest subject to similar requirements noted above.
