Nearly 50 Dartmouth College alums contributed more than $1.5 million in the Green D Angels to pool funds to invest in Dartmouth entrepreneurs.

The initial close of its second venture capital fund already exceeded the total of $1.5 million raised for an earlier fund.

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It’s anticipated that 100 Dartmouth alums will participate in the ongoing second fund by the time of its final close in early 2016, raising $5 million.

While the funds of the Green D Angels are private, for-profit and not affiliated with nor endorsed by Dartmouth College, they are intended to support the school’s entrepreneurial ecosystem. Over the next two years, the second fund plans to make 15 to 25 investments in Dartmouth-led and linked companies.

“The first fund was a test of commitment, process and network,” said Michael Collins (Dartmouth ’86), lead manager of the Green D Angels. “With our second fund at our long-term target size, we can write checks in the $100k to $500k range — right where we want to be.”

via Dartmouth alums invest in venture capital fund | New Hampshire.