Texas A&M concurs with Notion’s $150m fund

Texas A&M University’s endowment yesterday backed the initial close venture capital firm Notion Capital’s $150m Venture Fund IV.
Notion Capital Venture Fund IV’s other limited partners include British Patient Capital, a subsidiary of the government-owned British Business Bank, family office S-Cubed Capital and assorted private backers. The size of the first close was not revealed.
The fund will invest between $1.1m and $8.8m in series A-stage developers of enterprise software-as-a-service applications, targeting areas such as customer management, fintech, health technologies and agritech.
Notion Capital also expects to back emerging deep technologies in areas such as hardware-software hybrids, cybersecurity and infrastructure, and is set to apply for membership of the British Business Bank’s National Security Strategic Investment Fund, which supplies patient capital aligned with national security objectives.
Despite backing earlier Notion funds, the EU-owned European Investment Fund was unable to commit because 50% of the capital will go to UK-based startups, breaching EU investment thresholds upon Brexit.
Notion Capital’s earlier vehicles include the $80m Opportunities Fund launched in May 2017 and its third $140m main fund closed in the same month.
The latter attracted limited partners including the Texas A&M and Emory university endowments as well as Cisco Investments, the corporate venturing arm of networking security firm Cisco.
Founded in 2009, Notion Capital currently has more than $500m under management. It hopes to seek additional capital for the growth-stage Opportunities Fund in the medium-term, according to City A.M.