(Bloomberg) — B Capital Group, an investment firm led by Facebook co-founder Eduardo Saverin, is seeking $2.5 billion for its third fund dedicated to backing technology-driven companies, according to a memo sent to limited partners this week.
“We have already started to warehouse investments for this new fund,” Saverin’s B Capital co-founder Raj Ganguly wrote in the memo reviewed by Bloomberg News, which outlined plans for a first close of the vehicle in December and January.
The latest fund would be roughly triple the size of the $820 million that B Capital raised for its second fund in 2020. B Capital has made bets on software maker Icertis; data analytics startup Evidation Health,; machine-learning specialist DataRobot; and cryptocurrency platform FalconX, among others, its website shows.
Read more: Crypto Platform FalconX Quintuples Valuation to $3.75 Billion
B Capital has invested $1.2 billion in 44 companies this year, Ganguly said in the memo. Its debut fund raised in $2018 experienced fair market value gains of 112% in the year through Sept. 30 and is expected to lock in profits representing a multiple on invested capital of 5 times or more by year-end, he added.
Institutions that have backed prior B Capital vehicles include the New Mexico Educational Retirement Board and the Texas Treasury Safekeeping Trust Co., Bloomberg data shows.
Founded in 2015 with backing from Boston Consulting Group, the firm also counts Howard Morgan and Kabir Narang as co-founders. In July, B Capital bolstered its leadership ranks by hiring former Goldman Sachs Asset Management Chairman Sheila Patel as vice chairman.
Watch: B Capital Group’s Patel on Opportunities in Asia
A spokeswoman for B Capital declined to comment.
In February, the firm filed paperwork outlining ambitions to raise $300 million for a special purpose acquisition company, B Capital Technology Opportunities Corp., which has yet to go public.
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