FGV Capital closes oversubscribed $35 million Fund II

FGV Capital, formerly known as Fiat Ventures, has announced the closing of its oversubscribed $35 million Fund II. The final amount exceeded the firm’s initial $25 million target.

The fund is backed by several major institutional investors, including Reinsurance Group of America, MassMutual, Bank of America, and the Stellar Development Foundation, as well as various family offices and high-net-worth individuals. This close brings the firm’s total assets under management above $60 million.

FGV Capital intends to use the vehicle to invest in at least 25 early-stage companies over the next two years, focusing on the intersection of fintech, financial access, and artificial intelligence. The firm plans to issue checks ranging from $1 million to $1.5 million.

Moving away from traditional venture capital models, FGV Capital is integrating its advisory and venture businesses. The strategy emphasizes providing startups with operational support and distribution infrastructure alongside financial capital.