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The Colorado-based VC firm has invested in 61 companies across 30 years, leading to 28 exits and 10 IPOs.

Limited partners in previous funds include Powder Mill Foundation, Albuquerque Community Foundation, Ball Brothers Foundation and Berkshire Taconic Community Foundation.

The largest known VC fund commitment in 2025 was $225m – 38% less than the biggest known commitment of the previous year.

The appointment reflects expanding demand for entrepreneurial ecosystem development and AI readiness across emerging markets.

Investment from new wealth management clients at parent company Northern Trust has enabled the private equity group to continue to raise new funds of funds amid liquidity challenges.

Limited partners include AMB Holdings, Builders Vision, Cisco Foundation, Stray Works and Australian impact investing firms Understorey Ventures and Wedgetail.

Several US endowments undergoing a venture program ramp-up are enjoying flexibility, access and the potential for a market turnaround.

The Silicon Valley-based firm plans to invest in physical and applied AI through SAFE notes at the earliest stages.

With LPs such as Phoenix Insurance, Clal Insurance and Amitim Pension Funds, the fund will invest in 10-12 companies.

General partner Steve Vassallo explains how Foundation's laser focus on early-stage has generated big exits from investments in Solana, Venafi and ForgeRock.