Emerging venture capital managers raised over $740 million throughout the month of April, according to data tracked by The Buttonwood Tree. The total was raised through 24 funds.
The fundraising comes at a time when the economy is struggling, and as more and more companies default. Fundraising does not appear affected. In fact, as much as VC managers raised, they trailed sizably to their counterparts in the private equity market, who raised over $4 billion in the same time.
The largest amount raised came from the Los Angeles-based firm 3L Capital. Its maiden fund closed at $211.6 million, according to a filing with the SEC. The fund had 79 investors, the document showed.
3L Capital makes growth investments to tech-enabled consumer and enterprise businesses.
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