Foley & Lardner LLP recently launched Foley Ventures, a $4 million venture capital fund exclusively to invest in or with the law firm’s clients.
Foley & Lardner, which has offices in Milwaukee, has provided legal assistance for numerous private equity and venture capital funds. The firm said it launched the venture capital fund because it recognized that its clients need financing in addition to legal insights.
“We felt that establishing a venture fund was the next logical step in support of our clients dealing with sophisticated financing issues,” said Gabor Garai, chair of the firm’s Private Equity & Venture Capital Practice. “By having a vested interest in our clients’ businesses, we are further demonstrating our commitment to their success by literally putting our money where our mouths are.”
The firm said Foley Ventures will invest in a portfolio company if it is projected to have adequate cash flow after the investment for at least one year. For startup or emerging companies, the fund will invest if the group receives a simultaneous investment from a professionally managed venture fund, and if adequate cash flow for one year is projected.
The firm said its attorneys will be permitted to submit qualified investment opportunities, regardless of whether or not they invested in Foley Ventures.
Foley’s & Lardner’s Private Equity & Venture Capital Practice consists of more than 200 attorneys focused on public and private debt and equity vehicles and their investment activities.