Northgate Capital Announces New $120 Million VC Fund

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The venture capital investment firm and its affiliates manage $4.9 billion in assets.

Northgate Capital announced it has closed Northgate Venture Partners VIII (NVP VIII) fund at $120 million.

NVP VIII invests primarily in marquee venture capital firms and a select number of emerging managers. Brent Jones and Tommy Vardell founded Northgate Capital in 2000. The firm and its global affiliates also jointly manage $4.9 billion.

“Over the last 20 years, we have backed some of the premier venture capital firms in the business,” said Jones. “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.”

Northgate Capital and NVP VIII

NVP VIII is Northgate’s seventeenth fund-of-funds. Further, this vehicle will make 10 to 15 primary investments in access-constrained venture capital partnerships. Each one also specializes in funding early-stage technology companies. Many of these venture capital firms are in portfolios of prior Northgate Funds.

“Given that the venture capital asset class has a wide dispersion of returns,” said Vardell. “[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.”

Meanwhile, NVP VIII received support from the firm’s wide-ranging network of investors.

“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.

Related: PwC Fintech Report Reveals Differences Between FS and TMT Firms

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