B Capital, a venture firm, has raised $500 million in aggregate commitments for its latest fund, B Capital Ascent Fund III.
The capital for the early-stage venture capital fund will be used to support the Seed, Series A, and Series B rounds of artificial intelligence-backed companies spanning technology, energy, and healthcare in North America and Asia.
The oversubscribed fund has invested in over 20 companies across AI infrastructure, robotics, healthcare, and frontier technologies, B Capital said.
“We have entered a technology cycle that is reshaping industries and business models worldwide,” Eduardo Saverin, co-founder and co-CEO of B Capital, said. “The most meaningful opportunities will not come from technology alone, but from entrepreneurs applying AI to transform industries such as healthcare, enterprise, energy and the next frontier.”
The closing of B Capital’s latest fund comes after its predecessor fund, B Capital Ascent Fund II, raised $254 million in capital in July 2022.
B Capital’s funding raise comes as the firm recently announced its plans to acquire Russell Investments with the California Public Employees’ Retirement System from private equity shops TA Associates and Reverence Capital Partners.
The deal, which is valued at roughly $2.8 billion, is expected to close in the first quarter of 2027 and is subject to regulatory approval.
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