FORTUNE -- Morgan Creek Capital Management, the North Carolina investment firm led by Mark Yusko, is about to lose its venture capital fund-of-funds team.
The group -- led by Greg Bohlen, Patrick Cairns and John Spilman -- plans to spin out into an independent management company called Union Grove Partners. It will raise its next two funds under the Morgan Creek brand, including a new vehicle that just secured a $100 million cornerstone commitment from a public pension system in Illinois. The group also will continue to manage its existing portfolio of limited partner stakes in venture capital firms.
"The partnership with Morgan Creek is important for us and we believe it will yield a best of breed fund," said Greg Bohlen, in a statement provided to Fortune. The strength of relationships Morgan Creek brings to the table will enhance the value to all the investors going forward. We are pleased Illinois and others have recognized the importance of a continuing partnership."
Morgan Creek's debut VC fund-of-funds has exposure to such firms as August Capital, Battery Ventures, Foundation Capital, Institutional Venture Partners, Lightspeed Venture Partners, Mayfield Fund and Tiger Global Management.
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The more IPO underwriters the merrier.
FORTUNE -- If you're a VC-backed company planning to go public, it's best that you have at least two IPO underwriters.
That's the finding of Morgan Creek Capital Management in a recent study of offerings led by sole bookrunners versus offerings led by joint bookrunners, between 2010 and the first quarter of 2013.
Morgan Creek examined 117 offerings that priced on either the NYSE or NASDAQ, 102 MOREDan Primack - Aug 8, 2013 12:41 PM ET
For many VC firms, getting into a hot company is easier than getting out.
FORTUNE -- The venture capital industry has done a decent job this year of bringing companies to the public market, including successful IPOs for companies like Facebook (FB), Splunk (SPLK) and WorkDay (WDAY). But it has struggled to find the right balance when distributing shares to its own investors.
The most significant challenges have been around lock-ups, or MOREDan Primack - Oct 19, 2012 12:21 PM ET
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