VMS Ventures is a new $200 million initiative run by Constellation Software Inc (CSI). The fund will invest in early-stage vertical market software initiatives that are sponsored by an existing business unit (BU) within CSI. These initiatives will be set-up as separate companies and the founders, the fund and the sponsoring BU will all receive an equity stake. The fund is aiming to invest in 20-40 companies over the next 3-4 years.