Northgate Capital has closed Northgate Venture Partners VIII (NVP VIII) at USD120 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,” says 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, adds: “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 optimised portfolio that seeks to realise 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 specialise 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,” says Ali Ojjeh, Chairman of Northgate.