Independent money manager Franklin Park Associates has launched a new VC fund of funds and raised over $250 million for its latest flagship mid-market co-investment vehicle.
The Bala Cynwyd, Pennsylvania-based firm is raising capital for Franklin Park Venture Capital Fund XV LP, according to new documents. We were unable to learn the target.
Meanwhile, Franklin Park, managing some $19.7 billion in assets, has also raised $256.7 million for Franklin Park Co-investment Fund VI LP, per a recent SEC filing. The target is $250 million.
Both funds have already received backing from several U.S. pension funds, including Arkansas Teacher Retirement System and Teachers’ Retirement System of Oklahoma.
Venture FoFs: The pool is earmarked for “top-tier” venture capital funds operating across the globe, according to pension documents. Franklin Park also makes direct co-investments in seed to late-stage strategies in the technology and life sciences sectors. It has a minimum investment of $2 million, and the offering, launched in early 2024, is expected to last more than a year, according to SEC filings.
Co-investment Fund: This fund is earmarked for co-investments in the middle market across a range of global geographies and strategies. The firm targets growth equity, buyouts, and turnarounds. It favors less efficient market segments and prefers investing alongside managers with what it calls a “sustainable competitive advantage.” The fund has a minimum investment of $2 million, at least three investors have backed it so far, and the GP committed $2 million to the fund, according to SEC filings.
Investors: Arkansas Teachers’ recently backed both funds, committing $40 million to the venture vehicle and $60 million to the co-investment vehicle, per pension documents. Oklahoma Teachers’ also committed $40 million to the venture vehicle and $60 million to the co-investment vehicle, according to reports.
The Firm: Franklin Park was founded in 2003 by CEO Bradley Atkins and a team of five other professionals. They include Michael Bacine and Narayan Chowdhury, who previously worked together at Hamilton Lane. The firm manages $8.5 billion in assets on a discretionary basis and $11.2 billion on a non-discretionary basis, according to the firm brochure. As well as private equity, the firm invests in private debt strategies such as mezzanine, distressed debt, senior debt and special assets. Franklin Park offers advisory services via its own private vehicles as well as separate accounts.