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Fund III was anchored by Cendana Capital and includes commitments from Intact Ventures, Atacama Ventures, NVNG Investment Advisors and strategic investor Schreiber Foods.

A substantial share of the fund will be allocated to early-stage opportunities with a particular focus on those advancing technology and healthcare solutions.

The European Investment Fund and Hellenic Development Bank of Investment each committed €20m to the fund.

'Investors in the fund will have the option to earmark a portion of their investment to be held in an interest-bearing account that will serve as an ongoing source of revenue to cover management fees and carried interest,' says managing partner Michelle Urben.

After nearly two decades in Apollo’s private equity division, Justin Stevens brings his relationships with debt and other structured finance providers to bear at Overlap Holdings.

The fund's private markets-style structure 'allows us to apply a venture capital mindset to publicly traded biotech companies,' says managing partner Gaurav Aggarwal.

Fund III is 28% smaller and took 10 months longer to raise than Deerfield Healthcare Innovations Fund II, according to Venture Capital Journal research.

The global asset manager is expanding its $10bn evergreen platform to include a dedicated vehicle for venture and growth equity investments.

Fund I’s investors include emerging technology companies as well as institutional investors, foundations, endowments, family offices and strategic investors.

Ballast Equity Partners Fund I was anchored by the New Mexico Educational Retirement Board and the State of Wisconsin Investment Board, which each committed $30m.