PRINT THIS PAGE FTVentures raises $512m growth capital fund16/04/2008. Source: AltAssets. 
San Francisco and New York-based FTVentures has closed its third fund, FTV III, on $512m. The fund was launched in March 2006 with a target size of between $500m and $600m. It held a first closing on 15 December 2006 on $220m. New limited partners include Liberty Mutual, Skandia Insurance, Nordea, PartnerRe, Capital One, Fannie Mae, Barclays Global Investors, New York City Retirement Systems, RHM Group, New York State Common Retirement Fund and Kamehameha Schools.
'We greatly appreciate the continued support of our core strategic limited partners,' said Richard Garman, FTVentures managing partner. 'We are also delighted to have new, highly respected institutions acknowledge our track record and unique model by joining our institutional limited partner group. The addition of traditional investors and new strategic investors to our existing investor network will allow us to continue to deploy our proven model with more diversified sources of capital.'
FTVentures will continue its strategy of investing $10-60m in software and business services companies that are seeking capital for organic expansion, recapitalisations, build-ups and buy-outs.
FTV III is already 30 per cent invested. Investments from the fund include Presidio Reinsurance Group, interactive marketing analytics software provider Covario, enterprise access governance solutions provider Aveksa, student aid advisory company Rezolve Group and CMS Holdings Group, a provider of services in support of firms engaged in various aspects of mortgage loan default services.
FTVentures now has over $1bn in committed capital.
The FTVentures partners are Brad Bernstein, Eric Byunn, Ben Cukier, Richard Garman, Jim Hale, David Haynes, Bob Huret, Derek Lemke-von Ammon and Chris Winship.
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