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The fund will back companies at the “intersection of AI, biology and medicine.”

The giant asset manager's Private Equity Solutions platform will make about 20-25 investments in a mix of early-stage funds and co-investments in later-stage companies.

The new initiative "will target at least 50 percent of investment going to female fund managers," the BBB says.

Founders Fund co-founder Peter Thiel will reportedly make a commitment to the fund.

Quartus AI Fund’s LPs include endowments, foundations, RIAs and family offices.

Fund III will back early-stage tech startups.

The fundraising drought has been particularly challenging for emerging managers, but both LPs and GPs say there is reason to be optimistic.

The fundraising brings the firm’s total commitments to over $436 million.

Venture funds raised $41.6bn worldwide in the first half of this year, down from $60bn in H1 of last year, according to exclusive research by Venture Capital Journal.

Greenoaks Capital has reportedly closed on $2.5 billion for its sixth venture, beating its target of $2.25 billion.