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Fund of the Week: Elevate Capital Aims To Reach Excluded Entrepreneurs In Pacific Northwest

by Elaine Pofeldt and Elizabeth MacBride
July 1, 2020
in Finance
Reading Time: 2min read
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Nitin Rai, Elevate Capital Fund II Founding Partner

Fund: Elevate Capital Fund II
Elevate Capital 
Hillsboro, OR
$40M

What It Is: In 2016, Elevate Capital’s founding partner, Nitin Rai, created Elevate Capital Fund I, a $10 million venture fund for entrepreneurs who have historically been excluded by the traditional venture capital community in Oregon and Pacific Northwest. Now, Rai and his three partners, Jill Nelson, Raghu Raghavan, and Kumar Sripadam, formed a second $40 million Fund II. Fund II aims to achieve similar metrics but with larger check sizes and an increased geographical footprint. Elevate employs seven investment professionals and three support staff.

Minimum Investment Size: $125-250k for individuals and $1M for institutional investors

Track Record of Firm: In four years, Elevate Capital has invested in 29 companies and has had two exits with an additional 10 markups. These metrics have led to an IRR of 15.4%. Elevate Capital has distributed 40% of the Fund back to its investors in cash. More than 80% of the founders in its inaugural fund are women and minorities, with 17% African American, 11% LatinX and 9% LGBTQ. 

Quote: On why Elevate Capital returned cash to investors early: “Otherwise, it’s all just charity. It was important to show that these companies can get to liquidity in a faster amount of time, and so we did it.” – Nitin Rai

For more inspiring stories, insights and actionable funding opportunities, subscribe to Times of E’s weekly newsletter, www.timesofe.com/introduction.
Elaine Pofeldt and Elizabeth MacBride

Elaine Pofeldt and Elizabeth MacBride

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