In brief: $200bn asset manager launches impact venture capital platform

Public markets manager American Century Investments has bought in the team from 3x5 Partners.

American Century Investments, a Kansas City-headquartered public markets asset manager with over $200 billion assets under management, is entering private markets by acquiring an impact venture capital platform, according to a statement.

The team from 3×5 Partners, a VC firm established in 2011 to invest in climate technology and healthcare solutions, will join American Century in a transaction due to close in the third quarter. 3×5 Partners is led by Nicholas Walrod, Tony Arnerich, and Joe Biller.

CIO Victor Zhang told New Private Markets: “In entering private markets, we will expand our capabilities for our clients across the globe who are increasingly allocating to private markets.

“3×5 Partners has invested around multiple themes with healthcare and climate technology being the most prominent. While seeking to achieve competitive financial returns, the strategy also looks to identify investments that can deliver concrete impact,” he added.

Zhang declined to comment on fundraising plans, though the firm expects the strategy to be particularly appealing to its institutional clients, as well as high-net-worth professionals.