Reuters: Private Equity: RIM-backed fund rebrands, raises another $150 mln

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RIM-backed fund rebrands, raises another $150 mln Mar 21st 2012, 15:49 Wed Mar 21, 2012 11:49am EDT * BlackBerry fund renamed Relay Ventures, adds partner * Relay, focused on mobile, opens office in Silicon Valley TORONTO, March 21 (Reuters) - A Canadian venture fund focused on mobile computing software and backed by BalckBerry-maker Research In Motion and Thomson Reuters has established a second $150 million fund and set up an office in California's Silicon Valley, where almost half its existing portfolio companies are based. The fund, managed by the rebranded Relay Ventures, is device and platform agnostic and invests solely in early stage companies working in mobile computing. Six of the companies Relay has invested in have since been acquired. The lead investor in the new round is Northleaf Capital Partners, which manages more than $3.7 billion for pension funds, university endowments and other financial institutions. "Our continued specialization and focus on the rapidly growing and advancing mobile industry has been well received by our LPs (limited partners), almost all of which returned for this new fund," Relay co-managing partner John Albright said. The team has added early Netscape executive John Occhipinti as a partner, based in its new Menlo Park office. Relay Ventures was previously known as ATP Capital, which managed JLA Ventures, Clairmont Capital and BlackBerry Partners Fund. Link this Share this Digg this Email Reprints

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