Woodside Wraps Up Fifth Fund

On the heels of Woodside Fund’s 20th anniversary, the venture firm closed a $146 million fund last week.

Enterprise software, electronic design automation tools and new fabless semiconductor technologies will fill the portfolio of Woodside’s fifth fund.

The firm plans to add as many as 20 new startups to its portfolio over the fund’s three-year investment cycle, investing up to $20 million in each portfolio company. It will often lead transactions, build an investment syndicate to finance deals, take a seat on the company’s board of directors, and then assign as many as two senior partners to guide each investment.

One enterprise software company – a maker of business networking tools – has already closed on a Series B round led by Woodside’s fifth fund, although the name of that company remains undisclosed, says co-founder Vincent Occhipanti.

About 90% of the fund’s capital comes from institutional investors – pension funds, foundations and endowments. There’s no money from public pension funds in the new fund – a decision that reflects growing concerns over issues of disclosure and how to evaluate fund performance, Occhipinti says.

Occhipinti founded the Woodside Fund in Redwood Shores, Calif., two decades ago with Robert Larson and Charles Greb, who is no longer an active investor, but maintains his role as a special limited partner. Occhipinti, Larson and Daniel Ahn lead a team of nine investors.

The firm has $330 million under management.