The filing states that the fund first closed capital in early May of this year, the day after the firm disclosed its intent to raise Fund II.
Refactor’s second fund is materially smaller than its first, a $50 million investment vehicle closed in May 2016, likely due to changes in its management and leadership team.
Refactor’s sole general partner is Zal Bilimoria, a product management professional who, before moving into venture capital, served stints at Microsoft and Google.
Bilimoria joined Andreessen Horowitz as a partner in late 2013, where he stayed until launching Refactor Capital in January 2016 with co-founding general partner David Lee. Prior to starting Refactor Capital with Billimoria, Lee spent nearly 8 years as the managing partner of SV Angel, historically among the most prolific seed-stage venture funds in the Bay Area.
While at Andreessen Horowitz, Billimoria helped that firm launch AH Bio Fund I, and that tendency to find and fund ventures in biotech and life science continues to play out through Refactor’s investments.