Battery Ventures hits target with $750m

Key investment sectors for the firm include internet and digital media, financial and information services, clean technology, software, enterprise IT, communication services, semiconductors, and industrial technologies. The firm invests at all stages, from seed and early and late stage venture capital financings, as well as buy-outs, take-privates, PIPEs and rollups.

The capital base for BV IX is composed of 85 per cent repeat investors and 15 per cent new investors. Limited partners consist of private & public pensions, endowments & foundations, fund of funds managers, and financial services firms including banks and insurance companies, Battery said.

“We’re proud to have closed this fund in what is certainly one of the most challenging times for our asset class,” said Battery managing partner Tom Crotty. “We could not have done it without strong support from our existing investor base. We are also pleased to have attracted a number of high quality LPs who are investing with Battery for the first time. Success with new investors allowed us to adjust and re-balance our capital base.

“After a slow investment pace industry-wide in 2009, we look forward to rounding out the portfolio of Fund VIII and initiating the investment cycle for our new fund. With improving market fundamentals, we believe the next few years will be healthy ones to put money to work, and we’re geared up to find the next generation of entrepreneurs and opportunities,” he added.

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