Today Steve Case, Ted Leonsis and Donn Davis announced their new $450 million Revolution Growth fund.

They say they closed more than they were targeting from 24 limited partners, and they did it ahead of schedule.  

Case cofounded AOL and has invested in companies like LivingSocial and ZipCar. Ted Leonsis is another early AOL-er who also owns the Washington Capitals and the Wizards.  Davis was a senior executive at AOL.

The trio say they'll be making ten or twelve investments over the next five years, putting $25-50 million in each company. They're looking for consumer-centric startups based on the east coast. They want entrepreneurs who are disrupting large industries with game-changing concepts.  The first investment announcement will likely be in early 2012.

"We will generally focus on investments in the Eastern United States.  We believe there are great entrepreneurs building great companies all over the country, so we will focus our attention outside of Silicon Valley," they write.

Here's the full post on the Revolution blog >>