Facebook co-founder Saverin's B Capital raises $750 million in new fund

investing.com:

(Reuters) -Facebook co-founder Eduardo Saverin's global investment firm B Capital on Tuesday announced the close of its second Opportunities Fund, with total fundraising of $750 million as it bets on late-stage startups.

The fund will mainly be used to identify investment opportunities in existing portfolio companies in sectors like technology, healthcare and climate tech, B Capital said in a statement.

The fund is nearly double the size of its predecessor, it added.

The fund received strong participation from both existing and new investors, said B Capital, which has in the past backed Indian startups like Think & Learn's [THIK.NS] Byju's, Meesho and Pharmeasy.

«In this challenging environment for many private tech companies, we are pleased to have nearly doubled the capital we have available to back the best founders in the B Capital portfolio and other entrepreneurs we have closely followed,» said Saverin, the co-founder and co-CEO of B Capital.

B Capital was founded in 2015 and has more than $6 billion in assets under managements across various funds, according to its website.