US-based venture capital firm Phoenix Venture Partners (PVP) closed a fund of undisclosed size on Monday backed by corporates Pfizer, LG, Corning, W L Gore, Showa Denko, Nissan Chemical and Nagase & Co.
Pharmaceutical firm Pfizer, ceramics product maker Corning, materials manufacturer W L Gore and chemical producers Showa Denko, Nissan Chemical and Nagase invested directly while electronics producer LG supplied capital through LG Technology Ventures.
PVP III’s other limited partners (LPs) included new and existing unnamed financial institutions, family offices and multinational corporations. Although its size was not disclosed, a securities filing last month indicates the firm had raised approximately $109m for the vehicle at that point.
Founded in 2010, PVP invests in companies operating in the advanced materials sector. It closed its second fund in 2017 with commitments from Pfizer, Corning, Showa Denko, WL Gore, manufacturing conglomerate 3M and chemical providers Eastman Chemical and Solvay having secured at least $63.5m.
John T Chen, managing general partner of PVP, said: “We are pleased by the strong interest in PVP III LP from new investors and continued support from our existing LPs and are happy to have closed the new fund despite the current global challenges.”