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BOSTON, October 23, 2023—Wellington Management (“Wellington” or “the Firm”), one of the world’s largest independent investment management firms, today announced the final close of its early-stage venture fund, Wellington Venture Investments I (“WVI” or “the Fund”), with US$150 million in commitments.
The Fund invests in early-stage companies in large and growing markets like the B2B software, fintech, and consumer sectors. It is managed by Wellington Access Ventures (WAV) the firm’s early-stage venture capital team and was offered through Wellington’s US$8.0 billion Private Investing platform which includes early-stage venture to late-stage growth funds investing in multiple sectors for clients across the globe. The WAV team sees a unique opportunity for value creation and return potential among founders who have been historically underrepresented and overlooked in the venture capital space, predominantly focusing on finding and supporting talented Black, Latine and women entrepreneurs, among others. Beyond providing a source of funding, the WAV team partners with entrepreneurs, providing them with advice and access to business networks, support, and growth opportunities. The team is able to supply operational guidance – as well as access to Wellington’s global industry analysts and research resources – to help further company growth.
“Venture Capital is an industry predicated on networks and access. For decades, these networks have not been accessible to entrepreneurs from all backgrounds. From our vantage point, we see this as a market inefficiency and a differentiated opportunity to create value by partnering with ambitious and dynamic founders who, in many cases, have been historically overlooked. Talent comes from all different types of backgrounds, and we plan to focus our efforts on a founder community and opportunity set that has the potential to drive value for decades to come,” said Jackson Cummings, Head of WAV. “We see a more equitable future, and one in which closing the access and resource gaps can drive long term growth and meaningful change in the ecosystem. We plan to combine the capital raised by the WAV team, with our expertise, and networks across the broader Wellington investment platform in service to our founders and fund investors.”
The Fund has already made numerous investments in diverse founder-led companies, focused on businesses with the potential to become leaders in large or growing markets. Sectors identified by the WAV team include artificial intelligence, DevOps, infrastructure, fintech, digital health and consumer technology with a focus on cultural and demographic shifts. In addition, as part of their investment strategy the WAV team will partner with other diverse-led emerging fund managers to further strengthen and grow the venture ecosystem. The Fund’s investor base includes insurance companies, health care companies, state plans, international banks, foundations, and family offices.
Members of the WAV team, led by Cummings, include Frederik Groce, Sasha McKenzie, and Van Jones.
About Wellington Management
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.1 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. Wellington aspires to provide excellent service to clients through a unique combination of independence enabled by its distinctive private partnership model, diverse perspectives through its unified, multi-asset investment platform, and relentless curiosity and intellectual rigor fostered by its enduring collaborative culture.
About Wellington Management’s Private Investing Platform
Wellington’s Private Investing platform has a dedicated team that invests across multiple sectors and stages of the private markets and leverages the firm’s more than 1,000 investment professionals located in offices around the world. From early-stage venture to late-stage growth, the team actively invests across the business lifecycle in the next generation of industry defining entrepreneurs and changemakers. The team has raised over US$8.0 billion in global assets to invest across geographies (Asia, Europe, and the Americas) and sectors (consumer, technology, health care, financial services, biotechnology, and climate technology). Wellington’s dedicated Private Investing team takes a long-term view and leverages both its deep private market expertise along with Wellington’s broader public market expertise, extensive network, and robust research across its global footprint to benefit both investors and entrepreneurs. For more information about Private Investing at Wellington, please visit www.wellington.com/privateinvesting
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1 As of August 31, 2023