Scale Venture Partners announced last week that it held a $400 million final close on Scale Venture Partners II. It is the first fund since Scale (f.k.a. BA Venture Partners) was spun out of Bank of America as an independent entity last year.
The firm said that limited partner BofA agreed to transfer its entire interest in fund II to the firm’s first fund, making it the sole LP of the $500 million predecessor fund.
This allowed Scale to build a portfolio of 12 long-term LPs, including Key Capital, Lexington Partners, Liberty Mutual, Macquarie Global Private Equity Fund, Montague Newhall, Pantheon Ventures, Paul Capital Partners and Storebrand. Probitas Partners served as placement agent.
“It was gratifying to generate such strong interest, which was a nice validation of our approach to investing and our top-quartile results,” said Kate Mitchell, managing director at Scale.