The 81 Collection, a Chicago, Illinois-based investment firm, has announced an additional closing of its second investment fund, bringing the fund’s total size to $82 million.
The latest closing also increased the firm’s total assets under management (AUM) to more than $145 million.
Fund II Targets Founder-Owned Businesses
The 81 Collection’s second fund focuses on founder-owned companies operating in the services, manufacturing and physical economy sectors.
The firm targets businesses within what it describes as the underserved 81% of the U.S. economy, which it believes receives limited attention from traditional venture capital investors.
Its investment strategy focuses on companies generating between $4 million and $20 million in annual revenue and recording yearly growth of at least 40%.
The firm also aims to serve as the first and last institutional investor in its portfolio companies, with total investments ranging from approximately $8 million to $10 million.
Two Companies Receive Investments From Fund II
Fund II has completed two investments since its launch.
One of the portfolio companies is Uptiv, which operates technology-enabled infusion centres across Michigan.
The second investment is Terra, an AI-native freight brokerage platform.
Firm Led by Three Investment Professionals
The 81 Collection is led by Vijen Patel, co-founder Alex Kirshenbaum and Jeff Jasurda, the former chief operating officer of Tide Cleaners.
The firm’s advisory team includes Scott Malpass, who previously served as chief investment officer of the University of Notre Dame.
The additional closing brings the firm’s total assets under management to more than $145 million.
