Melinda French Gates’ investment firm, Pivotal Ventures, has returned as a key backer of Magnify Ventures, which closed a $46.6 million second fund on Wednesday to invest in AI companies transforming how families manage health, wealth, and caregiving. New investors Jordan Park and Unum joined the fund alongside financing from California’s IBank. The close brings Magnify’s total capital to nearly $100 million across two funds — Fund I raised $52 million and backed 21 companies, while Fund II has not yet begun deploying capital. Venture interest in the care economy has accelerated 45% over the past four years, with more than $26 billion invested across 700 companies since 2015, according to The Holding Co. in partnership with Pivotal Ventures. Erin Harkless Moore, managing director of investments at Pivotal, called the care economy a “$648 billion market opportunity” that has long been under-resourced. Magnify’s existing portfolio includes estate settlement platform Alix, caregiver support tech Nolia Health, and cybersecurity protection firm Savi Security.