Chicago-based Valor Equity Partners, which has invested in tech companies ranging from Elon Musk’s SpaceX to Chicago A.I. startup Catalytic, announced that it has raised $1.05 billion for its Fund IV.
The fund will target investments ranging from $25 million to $75 million, the firm says. Last year, Valor reported in a Form D filing that it was only looking to raise three quarters of a billion dollars for Fund IV, which is now substantially higher than the firm’s third fund that closed at $490 million in 2015.
"We are extremely grateful for the support we continue to receive from our existing investors, many of whom have invested with us over multiple funds, and welcome a new group of U.S. and international limited partners to Fund IV,” said Antonio J. Gracias, Valor’s founder, managing partner and chief investment officer, in a statement. “We are honored to have their trust and confidence."
Valor, founded by Gracias in 1995, invests in companies in consumer, engineering and service sectors. It has raised more than $2 billion to date and is best known for backing Musk’s companies, SpaceX and Tesla. Valor, which also has offices in New York and San Francisco, invested in multiple rounds for Tesla and led the company’s Series B in 2005.
Additionally, Valor has invested in several Chicago-based startups. It led Fooda’s Series A in 2013, and invested in Chicago startup Tovala in 2016. The firm has also backed Northbrook-based Marathon Pharmaceuticals. And just earlier this month, Valor participated in Catalytic’s most recent round of funding.
"We have had the privilege to partner with a broad range of companies, helping them scale and accelerate their growth,” Gracias said. “Fund IV positions Valor to continue to pursue this strategy."
