Atlas reduces fund by 12%

It has been reported that Atlas Venture intends to reduce the size of its $950m fund, Atlas Venture VI, by returning 12% of the fund capital to investors. Atlas Venture VI, which closed in April 2001 (7 May 2001, page 1), invests in early-stage companies in the communications, information technology and life sciences sectors. The move to refund some monies has been prompted by falling valuations and slower dealflow of deals. The news comes after Benchmark Capital last month announced that it was reducing its European technology fund to $500m from $750 for the same reasons.

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• UK / Ireland