Foley announced today the launch of Foley Ventures, a $4 million venture capital fund exclusively to invest in or with Foley clients.
The development of Foley Ventures is a direct result of the firm’s extensive experience and insight gained through working with numerous private equity and venture capital funds and emerging companies. Recognizing that clients need more than legal insights to succeed, the firm launched Foley Ventures to have the ability to invest in or alongside clients.
“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 Foley venture fund was designed to make the investment process simple. If working with a venture fund client, 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 with both investments adequate cash flow for one year is projected. When the investment is made by an angel fund, Foley Ventures will invest subject to similar requirements noted above.
Foley attorneys from all practice groups, from intellectual property to government regulations, and from all U.S. and international offices, are free to submit qualified investment opportunities, regardless of whether or not they invested in the Foley venture fund. This will provide the fund with an extensive and diverse deal flow.
Foley’s Private Equity & Venture Capital Practice is made up of more than 200 attorneys focused on the full range of public and private debt and equity vehicles and their investment activities. By offering an array of legal services, including intellectual property, employee benefits, tax, finance, real estate, and corporate transactions, we are able to assist angel, private equity and venture capital funds with all aspects of their business, from fund formation to exit strategy. The Foley Venture Fund further enhances the high caliber of service the firm is able to provide clients and is just one of the many service offerings available through Foley’s Private Equity & Venture Capital Practice.
With nearly 1,000 attorneys in 21 offices, Foley & Lardner LLP provides award-winning business and legal insight to clients across the country and around the world. Our team-based approach, innovative technology, and focus on value and client service are continually recognized by our clients and the legal industry. In a recent survey* of Fortune 1000 corporate counsel, Foley received a top 10 ranking out of more than 500 firms for our strong client focus, breadth of service, innovation, and value for the dollar. In addition, Foley was a Top 10 firm on the U.S. News – Best Lawyers® 2010 “Best Law Firms” list, based on the total number of first-tier metropolitan rankings, and CIO magazine recognized Foley for technological innovation that enhances business value by naming the firm to its prestigious CIO-100 list.
*The BTI Consulting Group (Wellesley, Massachusetts)