SV Angel acknowledged two weeks ago that it raised a $30 million fund called SV Angel III-Growth P (the actual size of the fund was $29,677,842, according to a filing with the Securities and Exchange Commission). Speculation arose that the firm, co-founded by super angel Ron Conway and David Lee, would do follow-on investments and Series A deals. SV Angel has rarely done follow-ons, though it spreads its money far and wide, often putting between $50,000 and $200,000 in a company for between 1% and 3% equity.
It turns out the new fund is a special purpose vehicle for investing in secondary shares of Pinterest, according to a story on Tech Crunch. The entire secondary investment was made last year, according to a report by TechCrunch.
(Correction: The original version of this story included published material from a third-party website. The material has been removed.)