Lawrence Aragon

A dozen climate-focused venture funds have raised a combined $3.5bn this year, according to Venture Capital Journal research.

The fundraising downturn presents a rare opportunity for well-positioned LPs to take advantage of the pullback by many of their peers.

Imec xpand, a Belgian venture capital firm focused on semiconductor investments, has closed its sophomore fund at €300m.

Fund IV's investors include the Mexico State Investment Council, JP Morgan Asset Management, Vanderbilt University Endowment and USAA.

LPs include the Illinois Growth and Innovation Fund, RK Mellon Foundation, Renaissance Venture Capital, NVNG and Cintrifuse Capital.

Venture funds managed to raise just $15bn worldwide in Q1, a 53% decrease from about $32bn in the same quarter a year earlier.

Venture firms worldwide closed on $15bn in the first quarter. It was their smallest fundraising haul since Q3 of 2017.

The venture secondaries firm says it plans to use 'equity investments and structured financings, as well as GP- and LP-facing transactions, to gain exposure to its target companies at attractive risk-adjusted returns.'

TLCom Capital's TIDE Africa II has raised $154 million to make early-stage investments in start-ups based in Africa.

Chevron Technology Ventures, SOSV and Wellington Management closed on new climate-focused venture capital funds this week.