JP Morgan spin-off Panorama ends fund-raising

Panorama Capital has ended its fund-raising drive with just $240 million in committed capital.

Panorama is a Menlo Park, Calif.-based venture capital shop that focuses on early and expansion stage opportunities in the IT and life sciences sectors. Its team previously handled venture capital for JPMorgan Partners, but went independent when that firm divided in 2005. Its buyout group is now known as CCMP Capital.

Panorama began raising its first independent fund in October 2005, with initial designs to secure up to $550 million.

Panorama initially received a cornerstone investment from JPMorgan, but struggled to secure additional commitments. “After 50 years of investing and 50 exits by IPO and M&A, we were considered a first-time fund,” says Rod Ferguson, a Panorama managing director. “It put us at a definite disadvantage.”

Panorama last fall cut its fund-raising target to $300 million, according to VentureWire. At about the same time, it lost longtime principals Vikram Gupta and John Ryan and associate Francis Ho.

In regards to ending fund-raising at $240 million, Ferguson says that it was time to turn all of the firm’s attentions toward adding new portfolio companies (it already has six), and that the smaller size does not affect the firm’s investment strategy.