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OVP VII closes on $250m hard cap16/02/2007. Source: AltAssets. 
 US early stage venture capital firm OVP Venture Partners has closed its seventh fund above its $200m target on $250m, the hard cap of the fund. A first closing was held on $207m in May 2006.
After the first closing OVP accepted additional investments from two limited partners, the Meketa Investment Group in Westwood, Massachusetts, and the endowment of the College of the Holy Cross in Worcester, Massachusetts.
Other investors include the Oregon Public Employees Retirement Fund, the Washington State Investment Board, GKM Generation Funds (for the New York State Common Fund), the Alfred I. duPont Testamentary Trust in Jacksonville, Florida, and the endowment for the Olin College of Engineering in Needham, Massachusetts.
'We are very pleased to have completed raising our largest fund ever,' said OVP general partner Gerry Langeler. 'This is a big vote of confidence for us and for the region, and means we have even greater capacity to make more investments in companies and technologies we find exciting.'
OVP plans to invest this fund in between 20 and 25 companies, continuing with its investment strategy: $1-5m initial investments in pre-revenue companies, ramping to $8-15m over the life of each deal. OVP will continue to focus on US Northwest companies, with selected investments in California and elsewhere. The firm will continue to focus on the communications, software, security, semiconductors, digital biology, and nanotechnology sectors.
To date OVP VII has invested in companies including Talyst and Tzero Technologies.
OVP now has over $750m in capital under management. The firm's offices are in Seattle and Portland.
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