Diversity-focused venture capital firm, Harlem Capital has just announced the close of its Harlem Capital Partners Venture Fund II Limited Partners (LP) — also known as Fund II —  at $134 million.

According to a press release reviewed by AfroTech, the new fund exceeded its original target of $100 million and went above its initial cap of $125 million as it aims to continue its mission of changing the face of entrepreneurship with diverse founders. It is also said to be the largest diversity-focused VC fund to date. 

Harlem Capital shares that while Fund II will maintain the firm’s focus on minority and women founders, it will also seek out early-stage investments in companies in the enterprise and consumer technology fields.

“We are focused on building an institution and platform to support diverse founders for many generations. Fund II is one step closer to our mission, but we know the work and  journey continues,” Harlem Capital Managing Partner Henri Pierre-Jacques shared in a statement. “We are excited to provide more capital and resources to even more  diverse founders tackling unique problems.”

Overall, the new fund will strive to target 10%+ ownership, lead and/or participate in funding rounds, and invest in a total of 45 different companies. 

Additionally, Harlem Capital’s second fund will also introduce “Culture Carry” — which will allow Fund II, as well as Fund I founders, to split 1% of the fund’s carry. This new feature ensures that all founders have a chance to benefit directly from each other’s success, which strongly aligns with Harlem Capital’s mission to build a game-changing ecosystem made up of diverse startups.

A press release reports that Fund II’s limited partners will include 14 world-class institutions, four global corporations, and six family offices. Moreover, the fund has the support of 18 general partners of other investment funds, with 42% of Fund II’s individual limited partners being women or people of color. 

“We are grateful for the support from our portfolio companies, LPs, and broader network  who made this fundraise possible. We have always believed that people of color and  women can build incredible companies; they just need fair access to capital,” Harlem Capital Managing Partner Jarrid Tingle said in a statement. “It is wonderful to see increased reception to our strategy — a sign that the world is moving in the right direction.”

When Harlem Capital was first founded back in 2015, it was formed with a mission to invest in 1,000 diverse founders over the next 20 years. After closing its $40 million inaugural fund in November 2019, it set out to be a proclaimed “industry agnostic” and now it manages $174 million in assets under management.  

As the change-makers of the venture capital world, Harlem Capital Partners has invested in 23 companies — including e-commerce platforms, Pangaea, CashDrop, Malomo and Repeat, and wellness brands, Wellory, Expectful, Wagmo and Shine — through its Venture Fund I.

According to Harlem Capital, the fund is still actively seeking companies to invest in with a target of five more initial investments.

For more information about Harlem Capital, visit its website.