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When they first met in 2007, the now brothers-in-law bonded over their passion for venture capital, eventually leading them to invest together from their personal capital. By 2020, Anderson and Fogelsong decided to take their investing relationship to the next level by launching their first fund with external capital. That fund, which the firm considers its second vehicle, closed at $91.5 million, well above its initial target of $60 million. So,they named their firm “Friends & Family Capital” to capture that spirit, their own family connection, and Fogelsong’s roots in a prominent Silicon Valley VC family. Like its previous fund, Friends & Family’s third fund will be used to invest in “classic B2B enterprise software” companies and hardware businesses with recurring revenue components.