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The San Francisco-based venture firm invests in AI, mental health technology and impact-related companies.

An evolving policy backdrop has led to a pullback of federal support for climate innovation, and a volatile macroeconomic picture has seen LPs shift from risky early-stage bets to instead back more stable companies.

The vehicle, raised in partnership by the two firms, exceeded its $300m target to close on its hard-cap.

Six IPOs for portfolio companies in the last eight years, steady distributions and a healthy re-up rate helped the product-led VC firm expand its institutional LP base.

Among the limited partners in prior Rethink Education funds are Richard W Goldman Family Foundation, AL Mailman Family Foundation, IDP Foundation and Lumina Foundation.

New LPs include Dutch, Norwegian and Danish impact investment firms, venture investors and individual venture capitalists.

New limited partners in the sophomore fund include The Health Foundation, Esmée Fairbairn Foundation and Vivensa Foundation, as well as some family offices.

VC firms worldwide collected $21bn in the first quarter, the same amount they raised in Q1 2025, in a prelude to what may turn out to be another poor year for fundraising.

The disconnect between GPs and LPs was on full display in the first quarter, according to our new report.

As due diligence intensifies, minor discrepancies or the wrong response during a background check can derail commitments and delay fundraises.