University of Minnesota commits to new VC fund

University of Minnesota, Minneapolis, committed $5 million in the first venture capital fund offered by Icon Venture Partners, a new firm that will focus on investment in early-stage enterprise technology firms.

The university's $1 billion endowment fund has been invested in the firm's predecessor, Vesbridge Partners, according to support materials for the Dec. 13 meeting of University of Minnesota Board of Regents. The size of investments in Vesbridge's funds could not be learned.

Stuart Mason, associate vice president-asset management, did not return a call seeking clarification.

The university's endowment fund returned 10.99% for the year ended Sept. 30 and 4.14% for the quarter, according to the meeting materials.