Lux Capital recently launched an opportunity fund


Lux Capital, known for investing in life science and frontier technology startups, is back in the market to raise money for its latest vehicle — but this time without a late-stage component.

The firm has raised $62.5 million for the fund, according to New Mexico State Investment Council (NM SIC) meeting materials for March 28. The firm has a target of more than $1 billion for Lux Ventures VIII. The fund combines the firm’s early and late investment strategies into one pool.

The firm was founded in 2000 and has raised $4 billion in nine previous funds. Lux declined to comment on its fundraising efforts.

The fund will still invest in later-stage opportunities, but the firm’s founder and managing partner Josh Wolff told NMCC that the fund will invest in early-stage and will continue to invest in companies at the scientific intersection. and technology.

The firm recently raised a pair of funds in June 2021, totaling nearly $1.5 billion. This includes $675 million for the early-stage focused Lux ​​Venture VII and $800 million for the late-stage fund Lux ​​Total Opportunities Fund.

Lux is the latest firm with early-stage roots to raise some late-stage funds after the late-stage and exit areas have been muted over the past year. Last month, Y Combinator said it would close its follow-up fund, investing late and releasing 20 percent of the team in one move.

Several firms, including Founders Fund and Vibe Capital, have reduced their funding or given investors some of their capital in the soft market.

As 2023 rolls around, we expect to see many funds retreat to their traditional investment standards.


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