Flagship ramps up

Flagship Ventures closed its fifth fund at $537 million late last month, above its $300 million target and nearly double its last fund, based on strong demand by existing LPs and a few new ones. The firm will stick with the investment strategy that drew those LPs to Flagship Ventures Fund V and put the money to work by bumping up the number of investments.

"There was a lot of demand from current LPs, many of whom had scaled up involvement, and also some new LPs," said Flagship's Noubar Afeyan. The firm's 2010 fourth fund closed at $269 million. ...