From Biz.yahoo.com

Formative Ventures, an early-stage venture capital firm launched by partners with firsthand operating experience in growing start-ups into successful companies, has closed its first institutional fund at $77.5 million. Harvard Management Company, which manages the University’s endowment, serves as the anchor limited partner for the Formative Ventures Emerging Technology Fund.

In addition to Harvard, Formative Ventures received investment commitments from groups such as the University of Virginia Investment Management Company (UVIMCO), the University of Pittsburgh, and GKM Newport Generation Funds. In all, 13 institutional investors contributed to the Formative Ventures Emerging Technology Fund, with almost 90 percent of the commitments coming from foundations and endowments. The balance came from contributions from fund-of-funds, private investment groups and individuals.