Bracket Capital, a Los Angeles, CA-based global multi-asset investment manager focused on growth and later-stage, technology-enabled companies, closed its third flagship funds, Bracket Capital Fund III, LP, Bracket Capital Fund III-A, LP and related vehicles, totaling $150m.
Bracket also raised an additional $300m in co-investment and evergreen funds to invest alongside Fund III for a total of $450m in equity to deploy.
Investors are comprised of some of the world’s leading institutions, prominent global family offices, high net worth individuals, and other investment management firms.
The Fund will target later-stage, private, technology-enabled companies primarily through secondary market purchases from employees and early investors at these businesses, as well as through special-situation primary investment rounds.
To date, Fund III has made four investments: Stripe, ThatGameCompany, Clutter, and Soundhound (NASDAQ: SOUN), in which the firm led a private investment in public equity (PIPE) deal in late January 2023, becoming one of the company’s largest shareholders.
Founded in 2017 by Jihan Bowes-Little, and Yalda Aoukar, Bracket Capital is an alpha-driven global investment manager focused on later-stage, technology enabled companies with asymmetric risk-reward profiles.
In January 2021, the firm announced the close of Bracket Capital Fund II, LP, which raised $150m in capital commitments, as well as an additional $300m in co-investment vehicles to invest alongside Fund II, fully deploying over $450m during the investment period. Since inception, Bracket Capital has invested in more than 50 companies, resulting in 23 exits, with over $300m in realized proceeds in the last three years alone. Notable prior investments include SpaceX, AirBnB, Coinbase, Palantir, SoFi, Hive.AI, Synthesis AI and others.
The firm, which manages more than $1 billion in assets, also manages the Bracket Foundation, its philanthropic arm that seeks to leverage technology for social good and contribute to global conversations on pressing social issues. Recently, the Foundation published a white paper identifying the threats that exist in relation to child exploitation across online social gaming platforms and the Metaverse and made recommendations to Big Tech providers on how to enhance their safety by design features to make these environments safer for children. The Bracket Foundation is also currently engaged with the United Nations on a multi-year project to combat online sexual abuse of children using artificial intelligence.
FinSMEs
21/07/2023