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First Close Partners is a New York-based fund of funds established in 2020 that invests in venture capital funds led by underrepresented managers, aiming to address diversity gaps in the venture capital industry.
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First Close Partners is a venture capital fund-of-funds founded in 2020, based in New York. The organization focuses on supporting underrepresented entrepreneurs by investing in venture capital funds owned and operated by historically underrepresented groups, including people of color, women, LGBTQIA+ individuals, and others. By providing capital to these emerging funds, First Close Partners aims to help them achieve their initial fundraising targets, known as 'first close.' The firm believes that underrepresented venture managers are undercapitalized and that early commitments can unlock further investments, creating access to differentiated venture returns.
First Close Partners focuses on investing in early-stage venture capital funds that are managed by underrepresented founders. The organization emphasizes sectors that are often neglected and aims to provide support across various stages of business development, ultimately fostering a diverse range of investment opportunities.
First Close Partners adds value by providing essential capital to underrepresented venture managers, helping them reach their first closes and attract additional LP commitments. The firm also aims to create a supportive network that enhances the operational capabilities of the funds it backs.
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