The Foundry Group has closed a $500 million sixth fund, according to a blog post.
Foundry Group Next will combine the firm’s early stage and growth stage investing, along with its investments as an LP in third-party funds. The LP activity is guided by new Managing Director Lindel Eakman, who joined last year from the University of Texas Investment Management Company.
The firm’s previous funds separated the activities, particularly the early and growth stage investing. The firm raised its $225 million Foundry Venture Capital 2016 early stage find in 2015 and its $225 million Foundry Group Select Fund for growth stage investing in 2013.
According to the blog post, the new fund gives the firm the new option of making growth investments in companies outside its portfolio.
“Over the years, we have seen a meaningful number of attractive growth investments that we could not address given our early stage strategy and original Foundry Group Select strategy,” the post said. “By opening our investment activities to include a small number of growth investments outside of Foundry Group companies, we can take further advantage of the work we’ve done to become experts in our key themes.”