Lynn involved in the deployment of Canvas Ventures’ new $350M fund and other fund closing news from the week

From our Women's PE Briefs - week commencing March 29, 2021

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Adam helps Industry Ventures raise a fund that Huang and Fan will be involved in deploying

Industry Ventures, whose investor relations activities are headed by Alex Adam, closes a new fund – a fund that vice presidents Justine Huang and Fanni Fan will be involved in deploying.

The venture capital-focused investment firm raised $850 million for its ninth secondary fund. Like prior such funds, Industry will use it to gain exposure to later-stage companies through flexible investment structures, including direct secondaries, secondary LP interests and special situations. The firm has completed more than 400 secondary investments in its 20-year history. The new fund is the largest the firm has ever raised.

Justine returned to Industry after completing her MBA at Wharton. She had previously been an associate at Industry. Fanni joined Industry after working at Rosemark Capital where she focused on venture investing in health care technology.

In 2020, Industry closed its second Ventures Direct fund at $180 million. That fund makes direct investments into early and mid-stage technology companies alongside the 80 seed and early-stage managers that the firm has backed.

Industry’s investor relations team also includes senior associates Alanna DiCola and Alyssa Walker.

Industry now has $4.5 billion under management.

Greenbriar Equity Group closes new fund at $1.68B

Greenbriar Equity Group, whose investment team includes managing partner Jill Raker, raises a new fund. The private equity firm closed its fifth fund with total capital commitments of $1.68 billion. Greenbriar had gone out with a $1 billion target. The firm, which is now managing more than $6 billion, focuses on business services and advanced manufacturing.

Greenbriar recently agreed to sell one of Jill’s portfolio companies, Nordco, to publicly traded Wabtec Corp. for $400 million. Earlier this year, the firm sold a stake in another of Jill’s companies, SEKO Logistics, to Ridgemont Equity Partners. Greenbriar still has a significant equity stake in the Rye, N.Y. third-party logistics provider.

In 2020, Jill led Greenbriar’s $500 million financing in Uber Freight, Uber Technologies, Inc.’s logistics arm. Jill is also involved with firm portfolio companies BDP International and LaserShip. Another company that she worked with, Lazer Spot, Inc., was sold in 2019 to Harvest Partners.

Jill, who joined Greenbriar in 2001, is a past speaker at the Women’s Alternative Investment Summit.

Greenbriar’s team also includes Nisha Kumar, who is a managing director and chief financial officer. She joined the firm in 2011.

David Parks helps Material raise its first fund

Material, a venture studio co-led by Danielle David Parks, raises its first fund. The New York firm closed on $25 million, according to TechCrunch. Danielle leads Material with Matt Salzberg, who co-founded and served as CEO of Blue Apron, and Andy Salamon, who was formerly a general partner at Atomic Labs.

Danielle is Material’s head of talent. She previously co-founded Jane Strategy, which partnered with early-stage companies to build out their teams. Her background also includes roles with Amino Apps and Spoon University.

Material is looking to launch two startups a year. Companies that it has helped create since forming last year are Kitchen to Kitchen and Suma Brands.

RiverVest raises a new fund that Hong, Spilizewski and Krotee will be involved in deploying

RiverVest Venture Partners, whose investment team includes managing director Nancy A. Hong, vice president Karen Spilizewski and senior associate Pascal Krotee, closes its fifth fund. The life sciences venture firm raised $275 million. The new fund comes some 15 months after RiverVest closed its fourth fund at $184.4 million. It now has more than $1.6 billion under management. RiverVest invests in early-stage biopharma and medical device companies addressing significant unmet medical needs.

Nancy joined RiverVest in 2016 and opened the firm’s office in San Diego. The firm also has offices in St. Louis and Cleveland. Nancy’s is on the boards of Scout Bio, which is seeking to revolutionize pet medicine, and Xilio Therapeutics, which is developing cancer therapies and is led by Rene Russo.

Karen has been with RiverVest since 2008 and is vice president of BioEnterprise Corp., where she direct business development for medical device and equipment companies.

Pascal joined the firm earlier this year after being an investment associate at Kairos Ventures.

Lynn to help oversee the deployment of Canvas Ventures’ new $350M fund

Rebecca Lynn is one of the four general partners that will oversee the deployment of Canvas Ventures’ third fund. The Portola Valley, Calif. venture firm raised $350 million and now has raised $835 million since its founding in 2013. Canvas looks to lead Series A rounds in companies involved in fintech, digital health, marketplaces and logistics.

In addition to Rebecca, the firm’s other three general partners are Paul Hsiao, Gary Little and Mike Ghaffary. In a statement, Rebecca said that the firm has seen, “through success in our past funds that our deep operational background paired with our thesis-driven approach produces strong results and allows us to make successful bold bets.”

Rebecca is coming off a 2020 in which one of her portfolio companies, Luminar Technologies, Inc., went public through a merger with Gores Metropoulos, Inc., a special purpose acquisition company. During the last year, she also backed Brace, a digital mortgage-serving platform, and Airvet, a veterinary telemedicine platform. Rebecca is on the boards of Casetext, Figure Eight, Gabi, HealthLoop, Owl, Roofstock and Vida Health, whose CEO is founder and CEO is Stephanie Tilenius. Rebecca has spoken at the Women’s Private Equity Summit and the Leadership Unbound Summit.

Canvas’ investment team also includes Grace Isford.

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