Union Square Closes on $116M for Third Early Stage Fund, Has Commitments for Rest

Union Square Ventures has closed on more than half of a new, $200 million early stage fund, raising $116.5 million of fresh capital, according to a filing with the Securities and Exchange Commission.

Rumors of the close began to spread last week, with two sources close to the company confirming the commitments. The SEC filing says another $83.5 million of the firm’s third early stage fund remains to be spoken for, though one source said it too has been sold. Sources say Union Square drew its capital from existing LPs with few if any new investors invited.

The apparent ease of the fundraising isn’t surprising given the success of Union Square’s first two early stage funds. Those funds invested in a number of notable Internet companies, including Twitter …

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