Northgate achieves hard cap on 9th Venture FoF
Northgate has closed its ninth venture fund of funds at its hard cop. NVP IX was launched in May 2020 to provide Northgate’s limited partners exposure to a highly concentrated portfolio of access-constrained venture capital firms.
“The NVP IX portfolio represents one of the most concentrated and core-focused portfolios we’ve ever put together in our 20 years of deploying capital,” says Brent Jones, Co-Founder and Partner at Northgate. Tommy Vardell, Co-Founder and Partner added, “It is an incredible vintage and roster of GPs and we are excited to see how it performs against both fund-of-fund competitors as well as against the direct venture indices.”
Following a virtual fundraising process during the pandemic, NVP IX received support from both existing and new investors, including a public pension fund, US and international family offices, foundations, high net worth families referred by consultants and RIAs, and individuals.
Casey Gordon, Northgate’s Managing Partner, adds: “We are grateful for the ongoing support of our Limited Partners and also for the opportunity to develop relationships with new LPs as a part of the NVP IX fundraise.”
NVP IX is Northgate’s flagship venture fund, dedicated to early-stage and growth managers. Fund IX will be followed by Northgate Venture Partners X, a 2022 vintage fund, and will continue the firm’s fund-of-funds strategy of investing in high-quality venture managers.
Northgate recently confirmed Co-Founders Brent and Jones have extended their commitments to the firm and will continue to serve as active investors, relationship managers and Investment Committee members. In addition, Jones has now joined the Northgate Management Board.