Donnerstag, 13. Juni 2013

One Venture Firm Is Betting A Whole Fund

by J.J. Colao

When the New York State Common Retirement Fund invested $50 million with SoftBank Capital in 2005, it asked the firm to devote the cash exclusively to New York-based companies. The result: “That fund was an off-the-charts winner,” says Jordan Levy, who heads New York investments for SoftBank. The venture arm of Japanese telecom giant SoftBank Group, the firm enjoyed notable exits with Huffington Post, Buddy Media and OMGPOP among others—all based in the Big Apple.

It worked so well that New York State wants to do it again. A new $54 million fund, managed by Levy, will invest solely in New York startups. Levy made the fund’s first investment in May, leading a $10 million round in Work Market, a Flatiron-based company that runs an online marketplace for freelance workers. View Full Story At FORBES

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