Spur Capital Partners, a venture capital fund investor, plans to raise $200 million for its seventh core fund. sto date, it has brought in nearly $74 million betting on early-stage VCs, according to a securities filing.
Who or what exactly is Spur betting on? Over the years, the investor claims to have indirectly supported dozens of high-flying technology and life science companies at an early stage, including hostelier Airbnb and arms maker Anduril. But Spur did not respond when asked about the names of the VC firms in his portfolio.
Spur has been raising money for the fund for more than a year and is already investing out of it, the Bartlesville, Oklahoma-based company told TBEN. So far, at least 40 unnamed investors have contributed to the seventh fund, according to the filing. Spur says its limited partners include retirement plans and family offices in the US and Europe.
Spur has been around for about two decades, but at $200 million, the company’s seventh fund would be one of its largest ever. The investor has more than $1.2 billion in assets under management, according to PitchBook.
Betting on VCs in a downturn
The economy stinks and tech knows it. Reactionary startups are firing employees, and even giants like Google are sending fewer offers and wringing what they can from their existing workforce. With the way things are going, you might assume venture capital is feeling the heat, and until then, VCs are cutting deals in some — but not all — cases. Yet it is not because they have no more money.
In reality, US VCs have more money left than ever, but rising interest rates, the Russian invasion of Ukraine and other factors have renewed the craving for profitability, at least in later stages.
On the other hand, the trend is driving more cash funds that support venture start-ups. Even in perpetually uncertain times, investors still don’t want to miss a thing the The next big thing could be.