claure

Softbank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner. Judge and Claure will fully own the firm’s $100 million Open Opportunity Fund 1, the $150 million Fund 2, as well as the entire portfolio. Claure called the acquisition a “significant milestone,” saying it “demonstrates a concrete move towards more diverse representation within all layers of the venture capital ecosystem.”Softbank rebranded its Opportunity Growth Fund to Open Opportunity Fund (OOF) earlier this year, and appointed Judge as its chairman, who became co-owner of the Fund. Fund 1 deployed $100 million in 75 Black-and-Latino companies, yielding seven exits and 46 follow-on rounds. Fund 1 companies may also receive funding from Fund 2 on a “case-by-case basis,” Judge said.