NGEN Partners has announced the closing of its second venture fund, NGEN II, L.P., at the amount of $180 million. Due to high demand from both new and returning investors, the fund was over-subscribed.
“I am very proud of the quality of our investor syndicate which includes some of the most respected pensions, institutions, corporations, family offices and foundations,” says Peter Grubstein, the managing partner of NGEN. “We now look forward to forging new relationships with top flight entrepreneurs and other venture investors in our field with the assistance of this remarkable group. With more than a quarter billion under management, we anticipate expanding our investment staff in response to the larger fund size and the growing number of opportunities in our areas of focus.”
They have already made several investments from the new fund including photovoltaic concentrating companies SolFocus and Solaria, and Hycrete, a green building materials company.