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Lux Capital drops its opportunity fund in the latest fundraiser

Lux Capital, known for its investments in life science and frontier tech startups, is back in the market raising money for its latest vehicle — but this time without a dedicated late-stage entity.

The company is targeting more than $1 billion for Lux Ventures VIII, according to encounter materials of the New Mexico State Investment Council (NM SIC) for March 28, which committed $62.5 million to the fund. The fund will combine the company’s early and late investment strategies into one pool.

The company was founded in 2000 and has raised $4 billion in nine previous funds. Lux declined to comment on its fundraising efforts.

The fund will still invest in later-stage opportunities, but the company’s founder and managing partner, Josh Wolfe, told the NM SIC that the fund will primarily invest in early-stage opportunities and continue the company’s thesis to investing at the intersection of science and technology.

The company last raised a pair of funds in June 2021 totaling nearly $1.5 billion. This included $675 million for early-stage Lux Ventures VII and $800 million for Lux Total Opportunities Fund, a late-stage fund.

Lux is the latest company with early-stage roots to do away with a dedicated late-stage fund as late-stage and exit environments have remained subdued over the past year. Last month, Y Combinator said it would close its continuity fund, pull out of late-stage investments and let 20% of its team go in one move.

Multiple companies, including Founders Fund and Vibe Capital, have reduced the size of their funds or returned some of their capital to investors due to the weakening market.

As 2023 progresses, we expect more funds to retreat into their traditional investment phase.

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