Revolution Growth partner Evan Morgan is raising his own investment fund.
A source familiar with the matter told DC Inno that Morgan's new fund is entirely separate from his work at the venture capital firm, where his position as a partner and on the boards of several portfolio companies will remain the same. His plans had been known well in advance and all of the relevant LPs and others have been aware of the plan.
The fund was first reported in the Washington Business Journal, which described it as a large fund targeting late-stage investments. Our source clarified that the fund is not a venture fund, and that the size of the investments is well below the level that Revolution Growth invests.
“We wish Evan the best with this new venture,” Revolution co-founder and managing partner Steve Case said in a statement. “Evan will continue to also serve as a senior member of the Revolution Growth team, as he launches this new fund aimed at different opportunities not within the Revolution Growth strategy.”
What those different opportunities will be aren't clear as of yet. Morgan, who joined Revolution in 2011 from the Carlyle Group, is currently on the boards of Revolution portfolio companies Echo360, LDiscovery and SportRadar. He also serves as a board observer at Revolution Foods, sweetgreen and Optoro.
