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US-based NJTC Venture closes first fund with $80m06/08/2003. Source: AltAssets. 
 US-based New Jersey Technology Fund (NJTC) has closed its first fund with $80m. The fund has already completed eight investments.
NJTC expects the fund to be fully invested within three years, according to VentureWire. The firm will make investments of between $1m and $2m.
NJTC plans to allocate between 25 per cent and 30 per cent of the fund in healthcare companies, with the remainder of the fund being invested in the financial services, telecommunications and software sectors.
The fund is affiliated with the New Jersey Technology Council and will invest exclusively in New Jersey-based companies.
The firm's existing portfolio includes KidBiz3000, an internet-based learning system, EpiGenesis Pharmaceuticals and Netilla Networks.
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