Family offices are among the organizations investing in a new venture fund brought out by Phoenix Venture Partners.

US-based Phoenix Venture Partners officially closed its new flagship venture capital fund, PVP II LP, it said yesterday. The fund's limited partners are family offices and multinational corporations.

Strategic investors include Pfizer Inc., 3M, Corning Incorporated, Eastman Chemical Company, Solvay Group, Showa Denko, and W L Gore & Associates.  

The fund will only invest in start-ups developing breakthrough advanced materials innovations.  As in its prior fund PVP I LP, PVP will work with a limited number of corporations identify industrial opportunities and to vet "best in class" start-up technologies. 

Phoenix Venture Partners is based in the Silicon Valley with a satellite office in Seattle, WA.