OVP Venture Partners has held a second close on its latest fund, expanding it to $214.5 million, according to a regulatory filing. The new fund was expected to close at less than $250 million before the end of last year, Managing Partner Gerry Langeler told PE Week last spring.
Returning investors in fund VII include the Oregon Public Employees Retirement Fund (which committed $50 million) and the Washington State Investment Board ($40 million). New investors include GKM Generation Funds, the Alfred I. DuPont Testamentary Trust and the Olin College of Engineering
OVP, which now has more than $700 million under management, invests in early stage life sciences and information technology companies, mostly based in the Pacific Northwest. It also works closely with Microsoft Corp. (Nasdaq: MSFT) to get early looks at the software giants spin-offs. One of the OVP partners keeps a Microsoft executive organization chart pined on her wall to monitor potential investment opportunities.
The firm also monitors Intel Corp. (Nasdaq: INTC), which has a large research division stationed in Oregon. OVP Partner John Hull was previously with Intel Capital, serving as director of the $500 million Intel Communications Fund.
The firm had a first close on OVP VII in May 2006, pulling in $204.5 million from 19 investors. The firm is setting a fund-raising record despite losing limited partners who passed on the firm in favor of buyout and hedge funds. The firm lost two of its LPs to alternative asset classes, despite a strong showing from other previous investors. Langeler declined to name the LPs who opted out.