Notes on Greycroft Fund Close

Greycroft Partners today announced that it has closed its second fund with just over $130 million in capital commitments. This is the early-stage VC firm launched several years back by Alan Patricof, with a focus on digital media. A few quick notes (since I’m writing from 30k feet on my way from Boston to San Francisco):

1. Patricof has promised LPs that Greycroft will never raise more than $150 million for a fund. Ever.

2. That said, this vehicle is much larger than Greycroft’s debut effort, which originally closed on $50 million before later expanding to $75 million. The idea for the larger fund is to do more deals, rather than to do larger deals.

3. Greycroft is in the process of hiring a new partner for its Los Angeles office, but has not yet decided between a couple of finalists for the job. The firm also has promoted principal Ian Sigalow to partner.

4. Greycroft will continue to use the Village Ventures network for certain back-office functions, in exchange for a fee.