Palo Alto, Calif.-based venture capital firm Pacific Lake Partners is still looking to raise $35 million for a rather interesting new fund. The fund will specifically target young entrepreneurs looking to buy and turn around other people’s startups.
The firm says it will give recipients between $300,000 and $500,000 to aid them in their search for the right opportunity, according to Dow Jones VentureWire.
The goal is to give recent business school graduates the backing they need to eventually buy out a $10 to $30 million business. To do so, it will provide an additional $1.5 million to help with the purchase, encouraging other firms to jump in as well. This program will give young entrepreneurs the experience they need in a sector without forcing them to start from scratch, Pacific Lake says.
Buy This Item: [Click here to buy this item]