Upfront Ventures raises funds for a new fund

Santa Monica-based venture capital firm Upfront Ventures has raised $ 176.5 million for a new fund, according to a filing with the Securities and Exchange Commission.

According to the deposit, at least part of the capital raised for the new fund, called Upfront Continuation Fund I, came from a limited liability company registered by Upfront managing partner Mark Suster and incorporated in early December, according to public records.

When venture capitalists raise funds from limited partners, these limited partnerships often look for a return on their investment within ten years. Continuation funds can allow VCs to hold their investments for longer periods of time, while at the same time give LPs the opportunity to cash. VCs might do it because they see an opportunity for bigger returns on the road.

Over the past decade, many fast growing companies have chosen to stay private longer, insofar as it has become a common refrain in Silicon Valley.

Reached by email, Upfront declined to comment on the fund. Founded in 1996, the company describes himself as “the largest and oldest venture capital fund in Los Angeles,” with more than $ 1 billion invested to date and approximately 50% of its paid-up capital in Southern California-based technology companies . (Disclosure: Upfront Ventures is an investor in dot.LA.)

Earlier this week, Upfront postponed its annual technology conference from late January to early March, citing the rapid spread of the omicron coronavirus variant. The highly infectious strain is now responsible for more than 95% of new COVID-19 cases in the United States, according to the Centers for Disease Control and Prevention.

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