Legacy Venture, the Palo Alto, Calif. firm that holds a portfolio of other investment funds and distributes returns to charities, announced that it closed a new $276 million fund, its fifth, despite adverse economic conditions. Basically, Legacy takes money from limited partners who commit their profits to charities of their choice. This allows these partners to amplify philanthropic contributions that they would make regardless.

In the past, Legacy has worked with well-established firms like August Capital, Charles River Ventures, Domain Associates, Kleiner Perkins Caufield & Byers, New Enterprise Associates and Venrock. It also runs a nonprofit subsidiary, Legacy Works Foundation, which operates educational programs for philanthropists, reports VentureWire.

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