Morgan Lewis Advises Air Street on Third Venture Capital Fund Formation
March 24, 2026LONDON, March 24, 2026: Morgan Lewis has provided advice to Air Street Capital, a venture capital firm investing exclusively in AI-first technologies, in connection with the formation of its third venture capital fund.
Fund III has closed with more than $232 million in commitments, which is almost twice the size of its $121 million second fund in 2022 and nine times the size of its first fund in 2019. It is understood that this makes Air Street Capital the largest solo GP venture firm in Europe.
The fund is backed by Tier 1 US university endowments, foundations, hospitals, and institutional investment management platforms, and will focus on AI-first companies in Europe and North America. It will also make a select small number of growth-stage investments into category-leading AI-first companies with investments of up to $25 million.
The Morgan Lewis team included partner Rob Mailer, associates Eliska Macnerova and Chris Lloyd, and partner Jason Traue.