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US Ballast Point Ventures closes fund at $56m30/05/2003. Source: AltAssets. 
 US Ballast Point Ventures has announced the final close of its debut fund with commitments of $56m. Ballast Point Ventures is the only Florida-based fund to have raised new money for investments since 2000 and will focus on providing venture funding to companies in Texas and the South East of the US.
The fund originally targeted $65m and has received commitments from 50 high net worth individuals and several institutional investors.
Ballast Point Ventures' two managing partners, Richard Brandewie and Drew Graham, were formerly general partners at South Atlantic Venture Funds. South Atlantic was founded by Donald Burton and has invested $175m in over 60 companies in Florida, the South East and Texas.
Both Burton and Gene Gabbard, a former South Atlantic partner, will serve as special limited partners with Ballast Point Ventures. The South Atlantic team will be joined by Paul Johan, a former investment banker in both the communications and mergers and acquisitions departments, at Raymond James.
‘We are pleased to have closed on $56m in commitments in the most difficult fundraising environment in the last decade, and we are excited about the quality and experience of our limited partners,' said Graham.
‘We believe the overall decrease in capital commitments to the venture industry is actually a positive development and is resulting in an improving environment for financing high-growth companies, particularly in our target South-Eastern market.'
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