Foundation Capital raises $350m

The US-based venture capital investor closes ninth fund at target.

Foundation Capital has held a final close of its ninth fund, Foundation Capital IX, at its $350 million target. The vehicle is slightly larger than Fund VIII, which closed in 2015 at $325 million.

Institutional investor commitments to Fund IX include a $50 million investment from the Tennessee Consolidated Retirement System and a $20 million investment from Montana Board of Investments.