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Diaspora Ventures explains how AngelList’s rolling venture funds work

A few days ago, Ilan Abehassera and Carlos Diaz announced Diaspora Ventures, their new VC fund. The duo plan to invest in French founders who have a global mindset: They might be based in France and willing to relocate to the U.S., in the U.S. already or they might be starting a remote company from […]

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A few days ago, Ilan Abehassera and Carlos Diaz announced Diaspora Ventures, their new VC fund.

The duo plan to invest in French founders who have a global mindset: They might be based in France and willing to relocate to the U.S., in the U.S. already or they might be starting a remote company from day one.

According to Diaz and Abehassera, French engineers and product designers have the right mindset to tackle hard problems, but they don’t necessarily have access to funding or talent in the U.S. The partners came up with the idea for Diaspora Ventures at the end of April, but in just a couple of months, they went from zero to closing their first investment deal.

To move quickly, they took advantage of AngelList’s Rolling Venture Funds, a new type of fund completely managed by AngelList. Kima Ventures, Breega, Alexis Bonillo, Christophe Courtin, Salomon Aiach, Frédéric Laluyaux and others have already invested $3 million in Diaspora Ventures.

As the name suggests, the fund is always raising, so the list will become longer and the total amount of capital raised will grow over time. With this new format, venture funds could become a sort of subscription product.

I talked with Ilan Abehassera about AngelList Rolling Venture Funds to understand how it works. The interview was edited for clarity and brevity.


TechCrunch: What is Diaspora Ventures?

Ilan Abehassera: Over the past few years, we’ve talked with a lot of French VC funds and we realized that French funds don’t really know how to finance French entrepreneurs in the U.S.

Image Credits: Diaspora Ventures

As soon as we had this idea in April, we started raising right away. We put together a pitch deck with the investment thesis, we sent it to a few people. We didn’t know if we would be able to raise right in the middle of the COVID-19 crisis. Some of them told us that it wasn’t the right time. But enough people said yes that we decided to go forward and created the fund with AngelList.

Can you describe how AngelList Rolling Venture Funds work?

Those funds are evergreen funds. AngelList has already been creating funds — think about it as funds as a service. I had already been using AngelList’s Venture Funds for my previous fund that was called Avrhm Capital. I made around 15 investments through this small fund. But it was a traditional fund. You decide on the size of the fund, you raise and then you can start investing.

Source: https://techcrunch.com/2020/07/22/diaspora-ventures-explains-how-angellists-rolling-venture-funds-work/

Private Equity

Intuitive launches new investment division and fund to support healthcare companies

Intuitive, a global technology developer for minimally invasive care and robotic-assisted surgery, has launched an investment division, which includes a $100m fund.

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Intuitive, a global technology developer for minimally invasive care and robotic-assisted surgery, has launched an inves

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/intuitive-launches-new-investment-division-and-fund-to-support-healthcare-companies.html

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Private Equity

Veritas Capital holds final close of its debut credit fund

Veritas Capital, a private equity firm focused on technology-enabled companies, has held the final close of its first Credit Opportunities Fund.

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Veritas Capital, a private equity firm focused on technology-enabled companies, has held the final close of its first Credit Opportunities Fund.

The vehicle has pulled in $400m of aggregate committed capital.

Veritas previously secured $6.5bn for its Veritas Capital Fund VII and has also received around $1bn in support for its co-investment division. This has brought the firm’s total capital raised over the past 12 months to $8bn and its total assets under management to $20bn, it claims.

Credit Opportunities Fund will leverage the firm’s highly differentiated deal flow and access to sector insights to embrace the complexity of a maiden fund and “act with conviction and speed.”

The firm believes credit is the natural adjacency for Veritas, due to it already having several credit investments under its belt in the technology and government sectors. It will also allow it to invest across the capital structure to offer tailored solutions.

Veritas Capital CEO and managing partner Ramzi Musallam said, “For over two decades, we have successfully invested in some of the leading, market-critical companies in technology and government across all seven of our private equity funds.

“We launched the Credit Opportunities Fund to expand on that strategy and take advantage of additional opportunities to leverage our strong sector knowledge and experience. The Fund will benefit significantly from our integrated platform and intellectual property, creating a differentiated financing partner with the ability to find highly-customized solutions for the companies in which we invest.”

The investment firm backs technology and technology-enabled solutions within the healthcare, national security, software, education, aerospace & defence, government services, communications, and energy industries.

Earlier in the year, Veritas agreed to buy the healthcare unit of IT and consulting business DXC Technology for $5bn in cash.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/fund-news/veritas-capital-holds-final-close-of-its-debut-credit-fund.html

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Private Equity

Somerset expands China team

Somerset Capital Management has recruited Min Chen to its China team. He joins the UK firm from Dymon Asia where he was the portfolio manager of the Prospect View China fund. Chen has previously clocked up experience at RWC and Everest Partners. He will be based Somerset’s Singapore office, according to fund global China. Chen […]

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Somerset Capital Management has recruited Min Chen to its China team.

He joins the UK firm from Dymon Asia where he was the portfolio manager of the Prospect View China fund. Chen has previously clocked up experience at RWC and Everest Partners.

He will be based Somerset’s Singapore office, according to fund global China. Chen is also said to be bringing the Prospect fund with him.

“The Prospect View China fund is an important step in the expansion of our Asia business with more China-focused funds expected to be launched in the years ahead,” said Timothy Hay, chief executive of Asia at Somerset Capital.

Copyright © 2020 AltAssets

Source: https://www.altassets.net/private-equity-news/by-news-type/people-news/somerset-expands-china-team.html

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