Arch Venture Partners has filed to raise its largest fund to date that would increase assets under management by the venture capital firm to $2.86bn.
Arch Venture Partners, the venture capital firm spun out of University of Chicago, is aiming to raise $600m for its tenth fund, Crunchbase News reported yesterday citing a regulatory filing.
The firm has not yet raised any money but if it reaches its $600m target, Fund X would be the largest flagship vehicle raised by Arch to date and bring total assets under management to $2.86bn.
Arch Venture Partners was initially formed in 1986 as wholly-owned commercialisation arm Argonne-Chicago (Arch) Development Corporation to drive the creation of spinouts based on research at University of Chicago (UChicago) and the affiliated Argonne National Laboratory.
The firm raised a first fund of $9m with the backing of UChicago in 1988 before it was spun out of the university and rebranded to its current name in 1992. The formal relationship between Arch and UChicago came to an end when the university exited with the second fund.
Arch has continued to attract university endowments and foundations as limited partners, as well as pension funds, corporations and individual investors.
Arch previously raised more than $408m for its ninth fund in 2016, following the seventh and eighth fund that each raised $400m in 2007 and 2014, respectively.
