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VC News | The Charlotte Fund has closed its latest fund
BBG Ventures has announced the close of its Fund II at $60 million, bringing BBGV’s total assets under management to $130 million.
From the Charlotte Fund:
Medium reports that the Charlotte Fund has closed its second fund focused on seed stage tech start-ups in the Charlotte Metro area and later stage companies across the Carolinas. The first Charlotte Fund was launched in 2022 as a proof of concept: could a regionally focused fund deliver venture scale returns while nurturing an emerging startup ecosystem? The answer was a resounding Yes.
Fund II came together quickly in the summer of 2024, buoyed by the early success of Fund I and the rapid growth of new start-ups in the area. Fund II, which closed in October 2024, is 50 percent larger than Fund I and will continue to grow as exits in Fund I contribute additional capital.
Fund II remains true to the founding principles of the Charlotte Fund:
- The primary General Partner of the Fund is LaunchCLT, a nonprofit dedicated to mentoring and educating founders. Fund II management fees fund the operations of LaunchCLT. Notably, LaunchCLT mentors pledged more than $1.5 million to Fund II.
- The investment portfolio will reflect an 80–20 percent split between later stage and seed stage investments in order to deliver returns reliably and quickly to investors.
- The Fund maintains a commitment to recycling a large percentage of the profit (carried interest) into its successor fund, creating an evergreen funding source for the region.
There are two differences between Fund I and II. First, Fund II will consider later stage investments across the Carolinas, not just in Charlotte. Second, Fund II places heavy emphasis on “founders funding founders.” More than 50 percent of the capital in Fund II comes from founders in the area.
From Skypointer Capital:
Skypointer Capital, founded by Pablo Ortega, Manuel Serna, and Daniel Sákovics Matutes, has created an investment model for family offices with its newly closed $30 million fund – offering diversified access to early stage tech with a single ticket.
By combining investments in funds and mature companies, Skypointer’s approach helps high-net-worth families navigate venture capital with greater diversification and lower barriers to entry. The firm’s model focuses on collaboration with specialized managers in specific sectors, a strategy that Ortega explained is essential for building the right portfolio.
“Carrying out a fund-of-fund strategy in early stage ensures that the best managers are selecting the companies in each one of the verticals where they are specialized,” he shared. For instance, Skypointer works with sector-specific funds in areas like fintech, artificial intelligence, and logistics, allowing them to offer broad coverage and specialized expertise across high-growth verticals.
The firm was spotlighted in this Refresh Miami article.
From BBG Ventures:
BBG Ventures (BBGV) has announced the close of its Fund II at $60 million, bringing BBGV’s total assets under management to $130 million.
The fund also attracted an impressive array of new partners to the fund, with notable names like Fairview, Pivotal Ventures, California Endowment, and Mizuho. Returning lead institutional partners included State of Michigan Retirement Services, Illumen Capital, and the George Kaiser Family Foundation, signaling their strong belief in the fund’s trajectory.
BBGV’s Fund II strategy was shaped by proprietary research with Centiment conducted over the last year with more than 2,000 Americans across race, gender, age, and income, to better understand how and whether identity shapes priorities. The findings, published in a report titled, “Investing in the Polycultural Future of America,” give voice to profound demographic and economic shifts that are reshaping the nation. The emergence of the majority-minority, a rapidly aging population, and widening wealth gaps are creating a mosaic of unique segments where identities are complex, dynamic, and evolving.
Despite these differences, the research uncovered surprisingly common concerns across nearly every age group, race, and gender. The pressing needs it identified within health and wellbeing, financial security, employment, education, and underserved consumers will guide BBG Venture’s future investments.
“At BBGV, we’ve always believed that identifying underserved segments, and seeking out the founders who understand them best, will drive the strongest outcomes,” said Nisha Dua, BBGV Co-Founder and Managing Partner. “The survey findings show so many shared priorities, but also a need for nuanced solutions that founders with a deep understanding of this new America are best equipped to deliver.”
Moving forward, BBGV will invest in founding teams that include either diverse founding members or female founders solving the problems of today’s polycultural America.
From Fuse Fund:
Fuze Fund, a Black-led venture capital firm, has unveiled Fuze Venture Growth Fund I, LP. It’s a $30 million Reg-D 506(c) fund dedicated to reshaping venture capital access by supporting underrepresented entrepreneurs, including veteran, minority, and women-led start-ups. Recently approved by the U.S. Securities and Exchange Commission (SEC), the fund is designed to address structural funding disparities in venture capital, prioritizing investments in founders who have historically been sidelined. Currently in its subscription phase, Fuze Fund invites accredited investors to join this mission, contributing to a transformative ecosystem that delivers capital, mentorship, and strategic support to drive lasting growth and success.
“At Fuze Fund, our purpose extends far beyond traditional venture investment—we’re committed to building a future where groundbreaking ideas are not limited by barriers of race, gender, or background,” shares Dr. T.J. Breeden, Founder and Managing Partner of Fuze Fund. “We aim to be a catalyst for systemic change, backing the people and ideas that are set to redefine industries and inspire a new generation of leaders.”
