Avenue Growth Partners Announces the Close of Its Second Fund at Hard Cap

WASHINGTON, July 21, 2026. Avenue Growth Partners today announced the successful close of its second fund at $155 million, exceeding its initial $125 million target and more than doubling the size of the firm's inaugural $83 million fund. Fund II was oversubscribed and closed at its hard cap.

Fund II attracted a diverse base of institutional capital, with limited partners spanning public pensions, private foundations, funds of funds, and prominent family offices, including Accolade Partners, Fairview Capital, GCM Grosvenor, Partners Capital, and The Metropolitan Museum of Art.

"A concentrated portfolio is core to our strategy. Every founder we back gets our full attention because our goal is to help them win their category," said Ryan Russell, Co-Founder and Partner.

"AI is making it possible for small teams to build deeply embedded products in industries that were historically too complex to automate," explained Brian Goldsmith, Co-Founder and Partner, highlighting the firm's focus on AI-native solutions across specialized sectors including laboratories, trucking, legal services, and equipment dealerships.

The firm's portfolio companies demonstrated momentum, with two Fund I investments, Hive and Minga, recently completing recapitalizations with later-stage growth equity and buyout firms. Minga's Founder and CEO Jason Richards noted: "Avenue has been and continues to be a great partner. They helped us craft the operational playbook to scale."

Recent Fund II investments include Scispot, an AI-native operating platform for life sciences laboratories, which secured $8 million in Series A funding led by Avenue, and Billables AI, an AI-native timekeeping and revenue operations solution for law firms, which raised $10 million in Series A funding led by Avenue.

Goodwin Procter LLP served as legal counsel to Fund II.

SOURCE Avenue Growth Partners