Fred Wilson's New York VC firm has raised a $166 million fund as it looks to back the next Twitters and Tumblrs

Fred wilsonBrian Ach/Getty ImagesVenture capitalist Fred Wilson.

Union Square Ventures, a New York venture capital firm founded by well-known investor Fred Wilson, has raised a $166.8 million (£115.3 million) fund, according to Fortune.

The fund, spotted in a regulatory filing, is the company’s fourth early stage fund and of a similar value to Union Square Venture’s third fund, which was raised in 2012, alongside a $175 million (£121 million) “opportunities fund.”

Founded in 2003, Union Square Ventures now has five general partners. They include Fred Wilson, Brad Burnham, Albert Wegner, John Buttrick, and Andrew Weissman.

The company has backed a number of well-known technology companies at their early stages, including Twitter, Etsy, Zynga, Kickstarter, and Foursquare.

On the “About” page of its website, Union Square Ventures writes: “We are a small collegial partnership that manages $1 billion (£690 million) across six funds. Our portfolio companies create services that have the potential to fundamentally transform important markets.”

Fortune asked Wilson about the new fund but he declined to comment due to SEC (the US Securities and Exchange Commission) marketing restrictions.

A report published by investment advisor Cambridge Associates this week found that the overall performance of venture capital funds was down in Q3 2015, marking venture capital’s first down quarter since 2011.

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