On December 9, 2020, global multistage venture firm PruVen Capital announced its first fund of $300 million, backed by financial wellness leader and premier active global investment manager Prudential Financial. Prudential Financial will act as a single limited partner to PruVen Capital, supporting the next generation of founders focused on building enduring companies across the largest verticals in the global economy. Wilson Sonsini Goodrich & Rosati is representing Prudential Financial in the transaction.

Led by managing partner and founder Ramneek Gupta, PruVen Capital will invest in transformational start-ups in the insurtech, fintech, healthtech, real estate tech, and enterprise IT verticals in North America, Europe, Japan, Singapore, and Australia. The multistage fund will have a five-year investment period and an annual investment pace of $50-75 million a year. It will target companies from post-product on the early side to growth and pre-IPO on the late side, and will invest $5 million on the low end with a target of $10-15 million on average over the life cycle of the company, with a maximum of $30 million invested in any single company.

In addition, PruVen will strategically partner with Prudential’s “catalyst network”—a capability that provides entrepreneurs with access to Prudential’s thought leaders and experts.

The Wilson Sonsini team advising Prudential Financial in the transaction includes Daniel Glazer, Jim Jensen, Manja Sachet, Margaret He, and Julie Krosnicki.

For more information, please see Prudential’s press release.