Hedge Funds

Venture firm prepares newtech-focused product


A New York-based venture capital firm is closing in on a $200 million fundraising goal for its first hedge fund.

Newlight Associates will start making investments for its new vehicle, Newlight Horizon Fund, in August.

The fund will be something of a hybrid, combining elements of venture capital and traditional hedge fund investing. It will have the ability to make late-stage investments in privately held businesses but will invest predominately in small, public technology companies.

Newlight's typical investments will be technology companies with market capitalizations ranging from $50 to $500 million. The fund expects to hold its positions