Morrison & Foerster LLP advised Base10 Partners in the formation of its second venture fund with capital commitments of $250 million, creating Base Fund II. This is the second fund that Base10 has formed in less than two years to invest in “problems that are actually important for 99% of people.” MoFo also advised Base10 in the formation of its debut Fund I, announced in September 2018, which garnered attention by media as being the largest debut for a venture capital firm led by a black managing director at the time.
Founded in 2017 in San Francisco, Base10 is led by Adeyemi Ajao and TJ Nahigian. Base10 says the new fund brings the firm’s AUM to over $400 million, now making it the largest black-led VC fund. The new fund will invest in startups and back a handful of initiatives designed to diversify the industry. Already, more than 60% of its portfolio companies thus far have women or minority founders.
“We’re targeting industries that are big problems for the 99% so we hope the portfolio will reflect the diversity of the 99%,” said Ajao.
The MoFo team that advised Base10 Partners was led by partners Private Funds co-chairs Paul ‘Chip’ L. Lion III and Stephanie C. Thomas and included associates Emiko Kurotsu and Jennifer Ta.