Next Play Capital closes oversubscribed Fund III at $200m

By Edlyn Cardoza

Next Play Capital, a minority-owned venture investment firm focused on investing in access-constrained venture funds and venture-backed companies, announced closing its third flagship fund at $200 million. The Fund exceeded its initial target size of $150 million and significantly surpassed the size of its predecessor, Fund II. Fund III adds 11 new institutional limited partners (LPs) who embody the values that reflect Next Play Capital’s diverse LP community.

Fund III is the largest in Next Play Capital’s history, marking a 2.5x increase from the second flagship vehicle and bringing the firm’s total assets under management to $425 million. The firm will invest in high-level funds and venture-backed companies across sectors, stages, and geographies. Direct investment strategies complement its diversified flagship structure via one dedicated fund and 24 special purpose vehicles (SPVs) to date. Since its formation in 2014, Next Play Capital has invested with 34 general partners (GPs) and 54 companies.

“From the beginning, we have sought to make venture more accessible to those who historically haven’t been given the resources to decode it, nor have they been given a seat at the table,” said Next Play Capital’s Managing Partner Ryan Nece. “We are grateful for the relationships with our general managers and look forward to continuing to support their efforts to back innovative founders.”

Next Play Capital leverages long-standing relationships and an overall value-add mentality to gain access to leading venture investors and creators. With a diverse and strategic LP network of institutions, family offices, team owners, entertainers, and sports luminaries and a unique and elite founder and general partner community, Next Play Capital’s platform drives value across all segments of its ecosystem. The firm continues to provide educational resources to current and former athletes through its Bridge Summit, Fellowship Program, venture workshops/tech tours, externships in partnership with various leagues, robust mentorship efforts, and other educational forums.