Oak’s fund XII is no acorn

Oak Investment Partners closed its 12th fund, according to a regulatory filing. The fund size is reported to be $2.56 billion, $300 million more than its target.

The firm’s last fund, Oak Investment Partners XI closed at $1.55 billion in 2004. The increased fund size comes as Oak is shifting its focus away from pure venture capital and into growth-stage private equity investing.

For fund XII, Oak raised $60 million from the Pennsylvania State Employees’ Retirement System in April. Limited partners from previous funds include the Virginia Retirement System, the Princeton University Investment Co. and Bessemer Investment Management.

The firm’s most recent investment was a $25 million Series A deal this month in Qpixel Technology, a Cupertino, Calif.-based fabless semiconductor company. In May, Oak backed Beijing Lingtu Software Co., a Chinese programming startup as part of a $30 million first round investment.

As of September 2005, Oak Investment Partners XI had a negative IRR of 0.58%, according to a report by the California State Teachers’ Retirement System. —Alexander Haislip