The 81 Collection has raised $82 million for its second fund. The Chicago investment firm announced an additional close of Fund II, doubling the size of its 2021 debut fund. It backs founder-owned businesses in services, manufacturing, and the physical world.
Fund size
The new fund is double the size of the 2021 debut. Total assets under management now top $145 million. The firm was founded five years ago to focus on this part of the economy.
Investment criteria
The 81 Collection looks for companies with $4 million to $20 million in annual revenue. It seeks businesses growing at least 40% per year. The firm aims to be the first and last institutional check, investing about $8 million to $10 million.
Initial investments
Fund II has already added two portfolio companies. Uptiv runs tech-enabled infusion centers in Michigan. Terra is an AI-native freight brokerage platform.
The 81 Collection invests minority stakes in the companies it backs. Vijen Patel leads the team with co-founder Alex Kirshenbaum and former Tide Cleaners COO Jeff Jasurda. Scott Malpass, former chief investment officer of the University of Notre Dame, is an advisor.