Tudor nears close on $265M

Tudor Ventures, the private equity arm of Tudor Investment Corp., is nearing a close on $265 million for its third fund, according to a regulatory filing.

The fund size is above the $250 million target that the firm announced when it began fund-raising in December 2005. The new fund is substantially smaller than the $410 million second fund that the firm raised in 2000.

LP names for fund III were unavailable. Previous limited partners include the University of North Carolina at Chapel Hill and the private equity firm Auda Group, according to research firm CapitalIQ.

Tudor Ventures typically invests between $7 million and $15 million in late stage technology and growth companies. It has already begun investing from fund III, according to its website.

Tudor has seen two of its portfolio companies go public this year:

  • Switch and Data (Nasdaq: SDXC) went public with an $198 million offering in February. It had raised $5 million from Tudor in 2003 in the last leg of its equity and debt fund-raising, which netted $237 million.
  • Molecular Insight Pharmaceuticals (Nasdaq: MIPI) went public with a $70 million offering in February. It had received a $20 million bridge loan from Tudor, Cerberus Capital and others in September.

Managing Partner Bob Forlenza heads the Tudor investment team, with Partners Rick Ganong and Carmen Scarpa. —Alexander Haislip