Insight Partners, a global venture capital firm, has announced commitments totaling $118 million for its latest software technology investment fund targeted to early-stage funds led and founded by diverse managers.

The 20/20 Vision Capital Fund (Fund II) leverages venture capital in support of funds managed by members of underrepresented communities to help diversify the venture capital industry and drive strong returns and impact for the long term. Fund II has received backing from Insight’s general partners and institutional limited partners, including the Massachusetts Pensions Reserves Investment Management Board (MassPRIM), Pennsylvania Public School Employees’ Retirement System, Teachers’ Retirement System of the State of Illinois, New York State Common Retirement Fund, and Alberta Investment Management Corporation. Insight’s Fund I, launched in 2020, invested $15 million with diverse-led fund managers.

Fund II’s commitments include investments managed by Act One Ventures Management, Hannah Grey Ventures, F7 Ventures, SH Fund Management, Wischoff Ventures, Ansa Capital Management, Vesey Ventures, Springbank Collective, and Mastry Ventures. Across Funds I and II, 68 percent are led by first-time fund managers, 60 percent are led by women, and 64 percent are led by Black and/or Latinx fund managers.

“MassPRIM is committed to fostering diversity within the investment landscape, and we believe one of the best ways to do that is to invest in funds led by underrepresented investors and managers,” said MassPRIM executive director Michael Trotsky. “We are excited to partner with Insight on this initiative, and we hope that the emerging funds that Vision Capital invests in grow to become a fit for MassPRIM to invest in directly over time.”

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