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Montagu Newhall Associates closes $156m venture capital fund of funds

Montagu Newhall Associates, a venture capital fund of funds manager with offices in Maryland and California, has closed its second venture capital fund of funds with commitments totalling $156m.

Representative investors include British Petroleum, Mercantile Bankshares Corporation and Wasatch Advisors.

Montagu Newhall Global Partners II focuses on funds raised by long-established firms and also invests in selected emerging venture capital firms. The new fund has already made commitments to a number of venture capital partnerships, including Abingworth Management, Interwest Partners and Technology Crossover Ventures. Up to 20 per cent of the fund is reserved for co-investment opportunities.

Rupert Montagu, general partner of Montagu Newhall Associates, said 'We are pleased to be well positioned to capitalise on the high number of quality venture firms raising money in 2005 and 2006.'

Ashton Newhall, general partner of Montagu Newhall, added, 'We have access to exceptional venture capital firms' funds, many of which were closed to all but a handful of new investors. Our early success in securing allocations to these elite firms validates our strategy of providing a diversified vehicle of top tier funds to our clients.'

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