NEW YORK, May 15 /PRNewswire/ -- Milestone Venture Partners (http://www.milestonevp.com/), a New York city-based, early stage venture fund, today announced it has raised $50 million across two closings for Milestone Venture Partners III LP and its affiliates.

The New York State Common Retirement Fund (CRF), which was advised by Hamilton Lane Advisors, committed $15 million in the second closing.

Milestone will continue to invest in technology-enhanced service businesses in the greater New York metropolitan area. The firm seeks business plans from entrepreneurial companies with unique offerings, marquee customers and proven

General Partner Todd Pietri commented, "We are gratified that so many limited partners from our prior fund have chosen to back us again and that the New York State CRF, an experienced and sophisticated venture investor, has made such a large commitment to our firm. We feel we are in a better position than ever to execute our strategy with this additional infusion of capital."

Milestone General Partner Edwin Goodman noted, "The greater New York area is producing an impressive number of high growth software, content, and outsourced-services investment opportunities. The composition of our deal flow reflects the industries in which New York excels, such as healthcare IT, media, marketing services, and financial services IT."

Milestone Venture Partners III LP has already invested in seven companies since its initial closing in April 2006: M5 Networks, Smart Analyst, Life Med Media (dLife), Target Spot, Outside.in, MedPage Today and Premise.

The Fund expects to hold its third and final closing in Fall 2007.

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Source: Milestone Venture Partners