Harlem Capital raises $40.3m

The American manager closes its debut fund above target.

Harlem Capital held a final close on Monday of Harlem Capital Partners Venture Fund I at $40.3 million, above the fund’s $40 million hard cap. The fund opened for fundraising in June 2018 with a target of $25 million.

The fund invests in women- and minority-owned businesses with Seed and Series A capital. Fund I expects to make 30 investments; 8 companies have received capital from the fund so far. Harlem Capital plans to make 1,000 investments over a 20-year period, the firm said in a press release.

LPs invested in the fund include TPG, the State of Michigan Retirement Systems, Vanderbilt University, the Harry and Jeanette Weinberg Foundation and the W.K. Kellogg Foundation. Commitment amounts were not disclosed.