USV Closes Second Fund

Union Square Ventures has closed its second fund with $156 million in capital commitments, according to a blog post on the firm's website. The New York-based firm had closed its debut fund in 2004 with $125 million, and focuses on early-stage Web services companies.

In other USV news, the firm has formally promoted Albert Wegner from venture partner to partner. It also is keeping analyst Andrew Parker on as an associate.