Philanthropic fund of funds Legacy closes $276M
Legacy Venture, the Palo Alto, Calif. firm that holds a portfolio of other investment funds and distributes returns to charities, announced that it closed a new $276 million fund, its fifth, despite adverse economic conditions. Basically, Legacy takes money from limited partners who commit their profits to charities of their choice. This allows these partners to amplify philanthropic contributions that they would make regardless.
In the past, Legacy has worked with well-established firms like August Capital, Charles River Ventures, Domain Associates, Kleiner Perkins Caufield & Byers, New Enterprise Associates and Venrock. It also runs a nonprofit subsidiary, Legacy Works Foundation, which operates educational programs for philanthropists, reports VentureWire.
Next Story: SandForce emerges from stealth with new flash chip line
Previous Story: ScanScout nabs $5.1M for contextual video advertising
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.