Menlo Ventures is upping the stakes for its second tilt at a “special opportunity” fund raise by eyeing up to $450m for the vehicle.
The firm, which invests across areas including FinTech, marketplaces, consumer services and healthcare, raised $250m for its first special opportunies fund three years ago.
No capital has been registered to date for Menlo Special Opportunities Fund II, although the SEC filing for the vehicle indicates the firm expects to complete the raise within the next 12 months.
Menlo, which boasts investments including Uber, Roku and 3Par, raised $450m for the final close of its fourteenth early-stage fund in 2016.
A blog post by partner Mark Siegel at time said the firm deliberately avoided the temptation to grow its fund size due to the warnings abound about a ‘venture capital “bubble” and an impending downturn’.
“Data suggests that funds below $500 million are over five times as likely to deliver over 3-times net returns, which certainly is our goal,” he said.
The firm’s FinTech portfolio includes business such as Betterment, Bluevine and RealtyShares.
Copyright © 2019 FinTech Global
