New Atlantic Ventures, an early-stage information technology venture capital fund manager with offices in Reston, Virginia and Cambridge, Massachusetts, has announced the final closing
New Atlantic Ventures, an early-stage information technology venture capital fund manager with offices in Reston, Virginia and Cambridge, Massachusetts, has announced the final closing of NAV III at USD115m.
New Atlantic Ventures attracted a strong roster of blue chip institutional investors, including endowments, pension funds, insurance companies, fund of funds and family offices from the US, Europe and the Middle East.
‘We are very pleased to welcome so many new institutional investors in NAV III,’ says John Backus, a managing partner with the firm. ‘Since 2000, our investment strategy has delivered superior financial returns to our investors. Our success in closing this fund at this moment in time shows that investors looking for superior financial returns continue to believe in early stage venture capital and its high-return prospects.’
NAV has now invested in eight companies – six of them in 2008 and two so far in 2009
The firm invests in technology companies in high-growth emerging mass markets including the wireless data industry, new media, online business services and breakthrough technologies, primarily on the East Coast.
‘Other venture funds have experimented with their business models over the last ten years with mixed results. So institutions appreciate the back-to-basics strategy we have always employed,’ says NAV managing partner Todd Hixon. ‘We have a cohesive senior team with operating credentials, a proven ability to add value, a focus on early- stage companies, an active screen for capital efficient business models, and a right-size fund. This combination has historically been the venture capital formula for market- beating returns.’
Prevail Capital, a boutique private equity placement firm with offices in Boston, Massachusetts and Palo Alto, California, assisted with the marketing of the fund.
