Venture Firm Drive Capital Sells Stake to Collective Global

Drive Capital is selling a minority stake to investment firm Collective Global.

The cash infusion from Collective Global will help Columbus, Ohio-based Drive “invest in world-class technology companies” across the US, according to an emailed statement Wednesday, confirming an earlier Bloomberg report. Terms weren’t disclosed.

Collective Global, backed by California pensions including Orange County Employees Retirement System and the San Jose Retirement System as well as UK pension Railpen, is led by Co-Chief Executive Officers Sheel Tyle and Daniel Adamson.

“We and our asset-owner partners behind Collective couldn’t be more excited” for the investment, Adamson said in a phone ...