US - The $105bn General Motors pension fund has invested $25m in Agility Communications, a fibre optic networks equipment manufacturer.
The $25m investment, made by GM Investment Management (GMIM), makes up approximately one third of Agility's funding in its latest round of venture funding. Agility has raised a total of $83m in this round.
Additionally, Agility has announced that Charles Froland, managing director of private market investments for GMIM, has been appointed to its board of directors. As GMIM's private equity investment chief, Froland is responsible for approximately $5bn worth of GM pension fund assets. GMIM's investments include venture capital, leveraged buyouts, and private debt in both the domestic and international markets
Speaking about the investment by GMIM and his own appointment to Agility's board, Froland said: In these challenging economic times only the companies with proven and ongoing technology innovation, superior executive leadership, and a powerful vision for the future will succeed. Agility is clearly positioned for even greater success. I'm pleased to join in their efforts as the company continues establishing itself.
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