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24 May 2016

Xfund faces struggles

Deals at Harvard-focused VC firm Xfund have reportedly halted following internal disputes.

Author: James Mawson, editor-in-chief

A dispute between general partners has prevented new deals being done by Harvard University-focused venture capital firm Xfund, according to reports in the New York Times and Fortune.

The Xfund began life in 2011 as the Experiment Fund, a partnership between New Enterprise Associates (NEA) and Harvard University to make seed investments in young entrepreneurs connected to the university and other schools.

In 2014, it expanded to a $100m second fund with the backing of VCs as limited partners, including NEA, Breyer Capital and Accel Partners.

The news accounts reported by PEHub said general partners Patrick Chung and Hugo Van Vuuren argued over who controlled the firm and the dismissal of an employee, setting off a chain of events that led to frozen bank accounts, a restraining order application and an investigation by the fund’s investors preventing new investments but not endangering the firm itself.

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