Fiat Ventures combines venture and advisory divisions into new brand, raises $35M Fund II

FGV Capital, formerly known as Fiat Ventures, has combined its venture and advisory divisions under a single new brand and closed a $35 million Fund II, per TechCrunch.

The rebrand consolidates what had previously operated as two separate arms — a venture investing practice and an advisory business — into one unified entity. The $35M fund represents the firm's second vehicle, and the combined structure is central to how FGV is positioning itself to limited partners.

FGV is pitching the integrated model as a differentiator in a fundraising climate that has grown increasingly difficult for emerging managers. According to TechCrunch, the firm is betting that pairing venture capital with an active advisory function gives it a value proposition that pure-play early-stage funds cannot replicate — both as a draw for LPs and as a service offering to portfolio companies.

The broader environment for emerging fund managers has been a headwind. LP capital has concentrated among established names over the past several years, leaving newer or smaller funds competing aggressively for a shrinking share of institutional and family office allocations. FGV's move to consolidate under one brand and articulate a distinct operating model appears aimed directly at that problem, though the firm's LP base and specific investor names were not disclosed in the reporting.

TechCrunch did not detail the fund's target sectors, check size, or geographic focus, nor prior fund performance figures. What to watch: whether the hybrid venture-plus-advisory structure attracts the LP attention FGV is counting on, and how the firm deploys the new capital under its unified brand.