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IDG Ventures Boston Closes $180 Million Fund II; Firm Adds Top Tier Institutional Investors, Expanding LP Base for the First Time
May 11, 2005 08:00 AM US Eastern Timezone
BOSTON--(BUSINESS WIRE)--May 11, 2005--IDG Ventures Boston, an early stage venture capital firm focused on investing in information and healthcare technology companies, today announced the first and final close of its second fund. The $180 million fund will invest in high-growth emerging market segments in the information technology and healthcare technology sectors and focus on helping entrepreneurs build world-class companies.
The closing of the fund increases the firm's total capital under management to $280 million and, for the first time, includes a select group of global, top-tier investors in the limited partnership. In addition to International Data Group (IDG), new investors from the U.S., Europe and Asia have joined Fund II including, Princeton University Investment Company, AlpInvest Partners, FLAG Capital Management, GIC Special Investments, Grove Street for Finnish LGPI, HighVista Strategies and one of the largest Ivy League university endowments.
"We have had the benefit of watching the IDG Ventures Boston team for quite some time as they invested their first fund," said Daniel Feder, managing partner, Princeton University Investment Company. "Their hands-on approach and focus on early stage investing was attractive to us. We are thrilled that they opened their second fund to outside investors and have given us the ability to be a part of their team."
IDG Ventures Boston (formally known as IDG Ventures Atlantic II, L.P.) is led by three General Partners: Jeff Bussgang, Michael Greeley and Chip Hazard. Each of the general partners has had successful track records and a unique blend of both investment and entrepreneurial experience. The fund plans to invest between $6 million and $10 million per portfolio company. Since its founding 4 years ago, IDG Ventures Boston has invested in almost a dozen companies.
"As we looked to broaden our investor base in Fund II, we were very pleased with the support we received from the investment community," said Chip Hazard, general partner, IDG Ventures Boston. "We are delighted to welcome the new investors alongside our flagship limited partner, IDG."
"Over the past several years, the venture capital industry has changed dramatically. Funds and firms have grown dramatically," said Michael Greeley, general partner, IDG Ventures Boston. "It is our belief that success in today's venture environment requires a return to old-fashioned, capital efficient, early stage company building with experienced general partners who are engaged and hands-on. Despite significant LP demand, we elected to limit our second fund size to $180 million to be consistent with our strategy of investing in early stage companies."
About IDG Ventures Boston
IDG Ventures Boston is a leading venture capital firm focused on investing in early-stage information and healthcare technology companies. With $280 million under management, the firm is an independent partnership making investments on behalf of its limited partners. The fund is affiliated with IDG Ventures, a global $1 billion network of funds spanning Asia, Europe and North America. International Data Group, the world's largest IT media, research, and event company, is the flagship limited partner for IDG Ventures Boston. Through the IDG global network, IDG Ventures Boston is able to uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgventures.com.
IDG Ventures
Kate Castle, 617-534-1228
Director of Marketing
kcastle@idgventures.com |
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