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US venture capital firm Milestone Venture Partners raises $50m for new fund16/05/2007. Source: AltAssets. 
 New York City-based early stage venture capital firm Milestone Venture Partners has held a second closing on its latest fund, Milestone Venture Partners III, on $50m. The fund expects to hold its third and final closing on $75m in autumn. Milestone Venture Partners will continue to invest in technology-enhanced service businesses in the greater New York metropolitan area.
The New York State Common Retirement Fund (CRF), which was advised by Hamilton Lane Advisors, committed $15m in the second closing.
Todd Pietri, general partner and co-founder of Milestone Venture Partners, said, 'We are gratified that so many limited partners from our prior fund have chosen to back us again and that the New York State CRF, an experienced and sophisticated venture investor, has made such a large commitment to our firm. We feel we are in a better position than ever to execute our strategy with this additional infusion of capital.'
Edwin Goodman, also a general partner and co-founder of Milestone Venture Partners, added, 'The greater New York area is producing an impressive number of high growth software, content, and outsourced-services investment opportunities. The composition of our deal flow reflects the industries in which New York excels, such as healthcare IT, media, marketing services, and financial services IT.'
Milestone Venture Partners III has already invested in seven companies since its initial closing in April 2006: M5 Networks, Smart Analyst, Life Med Media (dLife), Target Spot, Outside.in, MedPage Today and Premise.
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