Fraser McCombs Capital Raises New Automotive Investment Fund

San Antonio-based Fraser McCombs Capital has raised a new, automotive focused investment fund, FMC Fund II, the company said Wednesday evening. According to FMC, the new fund will continue to invest in automotive tech companies. Size of the new fund was not announced. FMC said it is looking for companies in the dealer services and retail experience areas; on demand and fleet management; intelligent vehicle systems; financial technology; and data, media, and predictive analytics. The company's first fund, FMC Fund I, has invested in 17 companies. FMC was founded by Billy Joe "Red" McCombs and Chase Fraser. McCombs founded Red McCombs Automotive Group and co-founded Clear Channel Communications, and was an owner of the San Antonio Spurs, Denver Nuggets, and the Minnesota Vikings.