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First Close Partners
First Close Partners launched in 2020 as a rare, intentional aggregator of LP capital flowing to underrepresented venture managers.
First Close Partners
First Close Partners launched in 2020 as a rare, intentional aggregator of LP capital flowing to underrepresented venture managers. Co-founder Ed Zimmerman, who chairs the venture practice at Lowenstein Sandler, and General Partner Carolina Huaranca Mendoza, formerly of Kapor Capital, built the firm on a thesis formed over decades of informal LP investing. The team’s record includes backing more than 400 venture funds across North America, Europe, and Africa before the firm existed as a legal entity. The firm invests exclusively in venture capital funds led by underrepresented managers, spanning seed, early-stage, and growth. Its strategy is fund-of-funds, not direct co-investments, and its diligence framework demands conviction in both the manager and the underlying opportunity. Portfolio exposure extends to fintech, enterprise software, digital health, and consumer internet, sourced through the founders’ deep ties to the Forbes Midas List community. The team’s own direct-investing heritage includes Spotify, iZettle, Trulia, and Imperva, which informs its ability to assess emerging VC talent. First Close is headquartered in New York and operates with a lean team anchored by partners who maintain parallel leadership roles — Theresia Gouw co-founded Acrew Capital, and Josh Kopelman co-founded First Round Capital. The firm also draws on a board that includes former U.S. Surgeon General Regina Benjamin and Northzone general partner Pär-Jörgen Pärson. In addition to fund commitments, the firm hosts quarterly LP meetings and small-group gatherings to connect URM managers with institutional allocators. Its structural distinction lies in being neither a traditional emerging-manager program nor a placement agent. First Close is a venture-scale fund-of-funds that functions as a shared diligence layer for LPs seeking exposure to URM-led funds, while providing GPs with warm introductions and a repeatable reference call from a known investor base. The model works because its partners are, first and foremost, active venture investors.
General information
Firm type
Private Equity
Year founded
2020
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Ed Zimmerman
Co-Founder
Carolina Huaranca Mendoza
General Partner
Theresia Gouw
Co-Founder
Josh Kopelman
Co-Founder
Betsy Zimmerman
Co-Founder
Regina Benjamin
Board Member
Pär-Jörgen Pärson
Board Member
Annika Sten Pärson
Board Member
Sector focus
Frequently asked questions
How does First Close Partners source its fund investments?
The firm relies on the personal networks of its founding team, which has invested as LPs in over 150 URM-led funds. General Partner Carolina Huaranca Mendoza, formerly at Kapor Capital, designed that firm's first formal LP strategy into diverse managers. The team also hosts quarterly GP meetings and smaller events that surface new fund managers globally.
What does First Close require before committing to a fund?
The firm states that it invests only when it has strong conviction in both the manager and the opportunity to generate venture-style returns. It screens hundreds of managers through a multi-week diligence process and will not commit if conviction is missing on either side of the equation, according to its portfolio page.
Is First Close Partners a fund-of-funds or does it also invest directly in startups?
First Close is a fund-of-funds that allocates capital exclusively to venture funds owned and led by underrepresented managers. While its team members have extensive direct-investing track records through personal activity and other firms like First Round Capital and Acrew, First Close itself does not make direct startup investments.
Who makes the final investment decisions at First Close?
The firm operates with a partnership model that includes co-founders Ed Zimmerman and Carolina Huaranca Mendoza as General Partner. Other named co-founders are Theresia Gouw, Josh Kopelman, and Betsy Zimmerman, all of whom bring institutional LP or GP experience from firms managing over $1 billion in venture assets.
How is First Close different from an emerging-manager seeding platform?
First Close does not seed first-time funds or operate an accelerator. It writes LP checks into existing venture funds where the manager has a demonstrated track record, running a diligence process that produces a formal reference for the GPs it backs. The firm's website frames this as helping LPs access a curated subset of URM-led venture funds.
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