Mutual fund giant T. Rowe Price (TROW) said it invested $55.4 million in Facebook, paying $25 a share for stock it distributed across a dozen funds, according to filings, the Wall Street Journal reports.
The mutual fund company, which at the end of fiscal year 2010 had $482 billion in assets under management, also disclosed an investment of nearly $72 million in Zynga Inc. and a stake of about $22 million in Angie’s List.
T. Rowe, which isn’t exactly a run-and-gun investment house, has been more aggressive that most of its mutual-fund peers in building exposure to young tech companies. The Facebook investment compliments other tech holdings at the firm, including a 2009 stake ($100 million) in Twitter Inc, granting the company a $1 billion valuation, and an investment made in Groupon Inc. late last year.
Shares of TRP fell 0.06% to $66.60 in recent trading.