We are pleased to announce that we have raised two new funds. The 2019 Core Fund has commitments of $200 million (up slightly from our last few core funds which were $175 million) and the 2019 Opportunity Fund is at $250 million (also up from our last 2014 Opportunity Fund of $175mm). We have made investments from the new Opportunity Fund already, including Marley Spoon and several more about to close. We are also about to close the first investment from the new Core Fund. These will be USV’s sixth early stage and third opportunity funds, respectively.
As part of these new funds, we’ve continued to expand our team. First, we are excited to announce that Gillian Munson has joined the USV team as a partner. Gillian has been a longtime friend of the firm dating back to her days at Allen & Co. She will be taking on many of the financial responsibilities that John has handled for many years and also be making investments and taking board seats. Also, Nick Grossman, who has been a longstanding member of the USV team, has become a partner and will be announcing an investment that he is leading shortly. Nick will continue with some of the policy work he has been doing with an ongoing focus on all things crypto.
We will continue to invest with a thesis-driven approach and you can always find our latest thinking on our website (stay tuned for an upcoming design refresh). Investing in blockchain and crypto currencies is part of our current thesis -- which is why we talk about investing in companies and projects -- but it has been and will continue to be a fraction of our overall investing.
It is also worth noting that we continue to invest in the USV Network. The Network team has now grown to four (you can find out more about all the amazing things they do for people working at our 85 active portfolio companies on the USV Network page). Among other things you will find there is the USV talent network which is a way of raising your hand that you want to work at one of our portfolio companies.
A big thanks to all our investors for their continued support and a few new ones for joining the USV family. We are looking forward to working with all the companies in our existing portfolio and adding new ones over the coming years.