Fidelity Investments’ venture capital unit has broken off from the fund giant to form an independent firm called Volition Capital. It will continue to manage its previous portfolio of 20 U.S. companies. Going forward, it will invest primarily in high-potential, founder-owned technology companies.
Fidelity Managing Partners Larry Cheng, Andy Flaster, Roger Hurwitz and Rob Ketterson will continue with the new firm.
Fidelity closed Fidelity Equity Partners, a $500 million private equity firm, in June after only two years in existence.