Greenhill closes VC fund on $102m

The New York-based independent investment bank announced the closing of its first venture capital fund on $102m.

Greenhill & Co., the New York independent investment bank, announced the second and final closing on its first venture capital fund, Greenhill SAVP, on a total of $102 million (€80 million).

The bank has already committed about 11 percent of the fund, or $11 million, and the bank’s managing directors and other professionals have committed an additional $22 million. The remainder of the fund, about $67 million, came from various institutional and strategic investors, high-net-worth families and corporate executives.

The capital is expected to be drawn down over up to five years, and will focus on investments in early-stage investments in technology or business information service companies.

Silicon Alley Venture Partners (SAVP) was originally founded in 1998. In early 2006, SAVP and Greenhill combined resources to create Greenhill SAVP. It had raised $80 million when it announced its initial closing in April. The bank was founded in 1996 by former Morgan Stanley investment banker Robert Greenhill, and went public in 2004. It concentrates on mergers and acquisitions, merchant banking and restructuring.