SAN FRANCISCO–(BUSINESS WIRE)–Northgate Capital announced today the closing of Northgate Venture Partners VIII (NVP VIII) at $120 million. NVP VIII invests primarily in marquee venture capital firms and a select number of emerging managers.
“Over the last 20 years, we have backed some of the premier venture capital firms in the business,” said Brent Jones, Co-Founder and Partner at Northgate. “We are delighted to deploy our eighth venture capital fund-of-funds and carry on our long history of supporting firms whose entrepreneurs continue innovating the technology sector.”
Tommy Vardell, Co-Founder and Partner at Northgate added, “Given that the venture capital asset class has a wide dispersion of returns, we believe that the only way to justify the risk-reward dynamic of the venture asset class is to form an optimized portfolio that seeks to realize top-quartile returns. We are fortunate to have the relationships and access to form such a portfolio.”
NVP VIII is Northgate’s seventeenth fund-of-funds and will make 10-15 primary investments in access-constrained venture capital partnerships that specialize in funding early-stage technology companies. Significantly, many of these venture capital firms are in portfolios of prior Northgate Funds.
NVP VIII received support from the firm’s wide-ranging network of investors, both in the U.S. and around the world. “We thank our limited partners for their backing and confidence in our strategy and look forward to a long and fruitful relationship not only in NVP VIII but also in our future investment vehicles,” said Ali Ojjeh, Chairman of Northgate.
Northgate Capital, founded in 2000 by Brent Jones and Tommy Vardell, is a venture capital investment management firm. The firm and its global affiliates jointly manage $4.9 billion in assets. With offices in the San Francisco Bay Area and Mexico City, Northgate’s investment programs focus on venture capital – Fund-of-Funds and Direct – with additional programs in private equity – global small market Fund-of-Funds, Mexico growth equity and mezzanine finance. (www.northgate.com)