Firms and Funds

The Menlo Park, California-based asset manager has held a final close on separate funds for growth, venture and bio.

The latest growth-stage vehicle comes almost 10 months after the firm raised $1.7bn for its previous fund.

With eight exits, including the public offerings of Vroom, Coupang, Wish and Coursera, Alpha Partners co-founder Brian Smiga talks about the firm's approach on investing alongside the pro-rata and what he thinks of opportunity funds and valuations.

The number of examples of early-stage firms raising or talking about creating separate opportunity funds is increasing, which we explore in our latest analysis story.

Rising valuations and other factors have boosted the alternative strategy in recent years as more venture firms consider adding them to their repertoire. So far, LPs are responding positively.

TCV XI has raised $4bn, a record for the firm during its 25-year history that makes it one of the largest growth equity and VC funds to date.

Bain Capital was targeting $1bn, with the firm kicking in an additional $100m to invest in North American growth-stage and mid-market tech companies.

The firm makes a bet in the recession-resilient CDMO space, all while the digital health companies it backs see an acceleration of investor interest.