The Green D Fund, the Dartmouth alumni-focused venture fund, announced today that it has closed the first $1 million of its initial Green D Founders Fund. The alumni venture-focused fund is being advised by Boston-based Launch Angels, and is one of its first college-focused angel funds to close its initial fund-raising.

The fund will invest solely in Dartmouth-related ventures, most of which will be early stage technology and innovation companies, said Michael Collins, the lead manager of the Green D Fund, although it doesn’t have any restrictions or criteria for investment other than the Dartmouth connection. Over the next two years, the fund plans to back between 12 to 18 companies.

The Green D Fund will fully close its initial fund-raising at the end of January with more than $1.5 million total anticipated from around 40 alums, said Collins. The fund has already been contacted by more than 80 Dartmouth alumni companies, and will begin the process of choosing which ones to invest in immediately.

Launch Angels, with is operating and supporting multiple customized venture funds which it calls affinity funds, is offering compliance, investor relations, and other support services for the Green D Founders Fund. The group is also working with the Boston College-focused University Fund for Boston College Alumni and the LGBT-focused VentureOut fund.

“This wouldn’t have happened without Launch Angels,” Collins said. “These more than 35 Dartmouth alums are all running companies and have pretty busy professional lives, so they do a lot of the things that we don’t have to do.” He said that the fund leadership team is responsible for picking the investment and writing the checks, while Launch Angels will help with legal, due diligence, and other services.

Oh, and, Collins added that the Green D Fund is also taking care of the social side of running a fund.

via Dartmouth alumni close $1 million for Launch Angels-supported Green D Founders Fund | BetaBoston.