Fixel's Latest Addition Fund Gets Financing After 1,000 Days

Addition Five Filed to Raise Capital in March 2023

Lee Fixel’s latest venture capital fund signed up for a subscription credit line with JPMorgan Chase Bank last month, a sign that it has gathered enough investors after filing to raise money almost three years ago.

The fund, Addition Five LP, obtained the credit line as of December 10^th, according to a regulatory filing. The lending facility is backed by the capital commitments and capital contributions that Addition Five LP is entitled to receive from investors under a limited partnership agreement that dates back to March 2023.

That same month, Addition Five had also filed a private placement notice to begin raising $1.5 billion from investors. Up until last month, the New York-based firm had yet to publicly disclose any additional information on Addition Five or even include the fund among the private partnerships listed in its registration with the Securities and Exchange Commission.

But the signing of the credit line suggests that Addition Five’s effort to recruit investors is complete or at least moving forward. In general, banks won’t provide a subscription credit line to a fund until it has closed on its first round of money raising and thus has capital commitments in hand to back the financing.

Photo by Brett Sayles

Addition officials didn’t return telephone calls and emails seeking comment.