Newhouse Family Said to Give $200 Million to Media Venture Groupby
Advance Vixeid Partners expected to close first pool by June
Newhouse's Advance Publications owns Vanity Fair magazine
The Newhouse family, which owns Vogue publisher Conde Nast, is investing $200 million in a new fund that will target innovative media and technology companies, according to people familiar with the matter.
Advance Vixeid Partners, which was spun-off in 2015 by the Newhouse family’s media holding company, Advance Publications Inc., is set to close its first independent pool by June, with half the capital for its $400 million target coming from its former parent, said the people who asked not to be identified because the information is private.
AVP, which holds stakes in online real estate broker Compass and luxury retailer Moda Operandi Inc., aims to invest in new media technologies and businesses which have the potential to disrupt existing business models, the people said.
Advance Publications owns interests in newspapers, cable systems and magazines including Vanity Fair and the New Yorker. The group’s chairman, Samuel “Si” Newhouse, 88, has a net worth of $10.3 billion, according to data compiled by Bloomberg.
Representatives for Advance Publications and AVP didn’t respond to an e-mail request for comment.