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capital firm OVP Venture Partners (OVP) has announced a final close on its seventh
fund at $250 million, well exceeding its target of $200 million and at its self-imposed
hard cap. After a first close of $207 million in May 2006, OVP accepted additional
investments from two limited partners, the Meketa Investment Group in Westwood,
MA, and the endowment of the College of the Holy Cross in Worcester, MA. OVP now
has over $750 million in capital under management.
"We are very pleased to have completed raising our largest fund ever," said OVP
General Partner Gerry Langeler. "This is a big vote of confidence for us and for the
region, and means we have even greater capacity to make more investments in
companies and technologies we find exciting."
"We're delighted to be a part of this fund," said Chief Investment Officer
William Durgin of the College of the Holy Cross. "We are always looking for top-tier
groups with differential advantage. OVP's leadership in the Northwest and its track
record of proven performance meant they were the right choice for us as we expand our
private equity program."
OVP General Partner and National Venture Capital Association (NVCA) board
member Chad Waite added, "The solid and diverse set of investors we have in this fund
speaks to the strength others see in the technological advances coming out of our
New investors Meketa Investment Group, GKM Generation Funds (for the New
York State Common Fund), the Alfred I. DuPont Testamentary Trust in Jacksonville, FL,
and the endowments of the College of the Holy Cross and Olin College of Engineering
join returning investors including the Oregon Public Employees Retirement Fund, the
Washington State Investment Board and the endowments of Indiana University and
OVP VII has been actively investing since the first closing, with investments in
GainSpan Corp., Talyst Inc., and Tzero Technologies, Inc., plus two additional
investments pending. OVP plans to invest this fund in 20-25 companies in total,
continuing with its investment strategy of $1 million to $5 million initial investments in
pre-revenue companies, ramping to $8 million to $15 million over the life of each deal.
OVP will continue to focus on Northwest companies, with selected investments in
California and elsewhere, and will continue its concentration in the areas of
communications, software, security, semiconductors, digital biology, and
For over 24 years, OVP Venture Partners has led the drive into new, high-growth
technology markets in the Pacific Northwest. OVP’s strategy of focusing on early stage
investments in defined spaces has yielded proven results; the firm’s record of 51
liquidity events – including 22 IPO’s – leads the region. The OVP team has a passion for
working with ground-breaking entrepreneurs and high-caliber investors, and is known
for its performance track record and personal integrity. OVP has over $750 million in
capital under management and is currently investing its seventh fund.
OVP has offices in Seattle and Portland and concentrates its efforts on opportunities at
the intersection of technology’s next big waves and foundational strengths native to the
region. The firm’s recent activity has included deals in communications, software,
security, semiconductors, digital biology, and nanotechnology.
The OVP team includes investing partners Chad Waite, Lucinda Stewart, Rick LeFaivre
and Carl Weissman in Seattle and Gerry Langeler, Dave Chen and John Hull in
Portland. Chad Waite serves on the Board of the National Venture Capital Association
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