Former UTIMCO executive joins venture firm Foundry Group

Industry:    2015-12-10

Dec 9 A former top executive at one of the nation’s largest university endowments is joining a venture-capital fund he championed. Lindel Eakman, who left his job running private-market investments at the $35 billion University of Texas Investment Management Co earlier this year, is joining Boulder, Colorado-based Foundry Group, the venture firm said on Wednesday. The firm’s first fund, started in 2007 and focusing on early-stage investments, has returned 53 percent annually as of Aug. 31, according to UTIMCO records. Under Eakman, the endowment management company took a 20 percent stake in the fund and invested in Foundry’s subsequent funds. Another fund focusing on later-stage companies, Foundry Group Select, has returned 116 percent annually since its formation two years ago. Eakman will lead Foundry Group Next, an initiative announced by Foundry partner Brad Feld in a blog post on Wednesday. It will focus on late-stage investing in companies in which Foundry previously took a stake, as well as companies new to the firm. It will also invest in other venture funds. UTIMCO’s endowment funds total $26.2 billion and its operating funds total $8.86 billion. (Reporting by Sarah McBride; Editing by Bill Rigby) Read more at Reutershttp://www.reuters.com/article/venture-foundry-utimco-idUSL1N13Y32520151209#wRhTJdTVcZS1A335.99

print
Source: