Camden launches successor VC FoF

The US firm, formerly known as Cahill, Warnock & Co., has closed on $32.8 million of a targeted $100 million.

Baltimore-based Camden Partners is raising its second venture capital fund of funds, Camden Private Capital II. The fund, according to Securities and Exchange Commission filings, has closed on $32.8 million of a targeted $100 million (€85 million) for the vehicle.

According to the firm’s website, Camden Private Capital is a venture fund of funds that invests primarily in the US, but will also make commitments to groups in Western Europe. Camden aims to invest in seed, start-up, and later-stage opportunities and will also selectively co-invest.

The firm was founded in 1995 by David Warnock and Edward Cahill, and originally operated as Cahill, Warnock & Co. Cahill has since left to join HLM Venture Partners, and in 2001 the firm changed its name to Camden to reflect the split.

Warnock, meanwhile, is joined by Camden partners Richard Johnston, Donald Hughes and Richard Berkeley. Earlier this year, the firm recruited Catharine Burkett, who had worked with Johnston at The Hillman Co., to manage its Private Capital fund of funds programme. Burkett came to Camden from the University of Richmond, where she served as director of private investment.

The new fund has already corralled 29 investors, and no placement agent was listed in the SEC filings. The firm is accepting a minimum investment of $100,000 according to the documents, which were dated October 25, 2005 and signed by Donald Hughes.

Previous investors in Camden funds reportedly include Deutsche Banc Alex. Brown Employees Venture Fund and the National Gallery of Art and Wilmington Trust, which also owns a minority stake in Camden. The firm also lists as special limited partners former National Association of Securities Dealers president Joseph Hardiman, Carlyle Group managing director Edward Mathias, Kirkland & Ellis partner George Stamas and Paul Stephens, previously a founding partner of Robertson Stephens.