Most brand-new venture funds don’t start life with $180 million in capital commitments, especially if they are launched by people who have not worked as venture capitalists before, and particularly not if those people want to focus narrowly on the global interactive entertainment industry.
That Makers Fund is the culmination of all of these things makes it one of the more interesting debut funds about which we’ve heard (and we hear about a lot of new venture funds).
We talked earlier this week with firm cofounder Jay Chi, who previously spent eleven-and-a-half years at McKinsey & Co., where he says he led its global video games practice. We asked how he and cofounder Michael Cheung — a McKinsey alum who more recently spent a year as a senior director with Tencent Holdings — managed to put the fund together and what they are aiming to do.
TC: You’ve closed on $180 million for your first fund and it’s not even officially closed yet. That’s a pretty big opening statement.
JC: We figured if we’re trying to do something, we want enough capital to move the needle. Fifty million for a gaming and interactive entertainment fund isn’t enough. We think the Series A …read more
Source: Tech Crunch