Lux Capital, known for investing in life sciences and frontier technology startups, is back on the market to finance its latest vehicle, but this time without a dedicated late-stage entity.
The company is targeting more than $1 billion for Lux Ventures VIII and has committed $62.5 million to the fund, according to New Mexico Investment Council (NM SIC) meeting papers on March 28. The fund will combine the company’s early-stage and late-stage investment strategies into his one pool.
The company was founded in 2000 and has raised $4 billion to date across nine funds. Lux declined to comment on the fundraising effort.
The fund will continue to invest in late-stage opportunities, but Josh Wolfe, the company’s founder and managing partner, told NM SIC that the fund will primarily invest in early-stage opportunities and at the intersection of science. He said he would continue the company’s theme. and technology.
The company recently raised a total of nearly $1.5 billion in June 2021. This includes his $675 million into early-stage focused Lux Ventures VII and $800 million into late-stage fund Lux Total Opportunities Fund.
Lux is the latest company with early-stage roots and has ditched its dedicated late-stage fund, given that the late-stage and exit landscape has remained quiet over the past year. Last month, Y Combinator announced it was closing its continuation fund, pulling out of late-stage investments and dumping his 20% of the team in one fell swoop.
Several companies, including Founders Fund and Vibe Capital, have scaled back their funds or returned some of their capital to investors in response to market weakness.
As 2023 progresses, we expect more funds to retreat to the traditional investment stage.
