D.C.–based NextGen Venture Partners is joining investment management firm Brown Advisory, according to a release issued Monday.
The news was first reported by the Washington Business Journal, which described it as an acquisition deal. The two will combine operations, and seven team members from NextGen Venture Partners will be based at Brown Advisory offices in four cities, including D.C.
Team members joining Brown Advisory include managing partners Dan Mindus, Brett Gibson, Chris Keller and Jon Bassett, as well as Principal Lisa Cuesta, Associate Callum Booker and Director of Operations Corinne Smeriglio. Starting February 22, they will be based out of Brown Advisory’s offices in D.C., New York, Boston and Austin.
As Technical.ly DC reported, NextGen Venture Partners has roots as a local angel group, and raised its first fund of $22 million last year. Brown Advisory was among the LPs in that fund, Bassett told Techcrunch. NextGen draws on a nationwide network of 900 entrepreneurs and investors who participate part-time to source and back deals. Locally, its investments include UrbanStems.
“NextGen Venture Partners has built a platform that helps its venture partners and entrepreneurs create value for one another. This mutually beneficial experience is one from which we can learn, and one we hope will be meaningful for a wide range of our clients,” Mike Hankin, CEO of Brown Advisory, said in a statement.
There will not be immediate changes to NextGen’s partner platform or process, according to the release.
Terms of the deal were not disclosed.-30-