Millennium Technology Ventures, a New York-based family of private equity funds, held a final closing for its Millennium Technology Value Partners II, L.P. (“TVP II”), with over $280m in committed capital.
The new fund, which launched in 2009 with a target of $200m, ended oversubscribed, closing at $280m in Limited Partner commitments. Millennium’s prior fund, TVP I, which held its final closing four years ago (April 2006), was a $130m fund.
Among the institutions that have committed to Millennium Technology Value Partners II are leading state and municipal retirement systems, funds of funds, banks and insurance companies, endowments and foundations, and institutions known for their leadership and sophistication in private equity investing.
Some of these Limited Partners include: Alfred I. duPont Testamentary Trust; Public Safety Personnel Retirement System of the State of Arizona; Los Angeles Fire and Police Pensions; Fairview Capital Partners; Grove Street Advisors; AMP Capital Investors; Siemens Global Innovation Partners I GmbH & Co. KG; the Nemours Foundation.
TVP II is dedicated to sponsoring alternative liquidity programs and making direct secondary investments in private technology companies.
Managing Partners of the fund are Sam Schwerin and Dan Burstein, who have worked together to develop the liquidity-oriented strategy over the last nine years.