Fidelity Closes $250M Maiden VC Fund

Fidelity Investments held the final close of its inaugural venture capital fund, Fidelity Venture Capital Fund I LP, hitting its $250 million target roughly four months after opening to investors. The fund received support from high net-worth individuals, family offices, and registered investment advisors.

The fund will mostly make direct, minority investments in mid- to late-stage private companies. In addition, the fund will invest globally and across sectors, but with a particular focus on the US and in the tech, media and telecommunications sectors.

The fund has already invested approximately $31 million in 10 companies across sectors including aerospace, defense, artificial intelligence, data and e-commerce.

Fidelity, which had $5.5 trillion in assets under management as of the end of June, has been investing in private companies for over 15 years. The company primarily invests through mutual funds, making over 600 investments in over 350 private companies and deploying over $28 billion.

“The success of this fundraise speaks to Fidelity’s legacy investing in private companies,” said Karin Fronczke, portfolio manager & global head of private equity at Fidelity Investments. “We are grateful for the support from the fund’s limited partners.”