BPV II closes at $140M, exceeding target

November 1, 2009

Ballast Point Venture Partners, a venture capital firm that provides growth equity capital to rapidly growing private companies in the Southeast and Texas, today announced the final closing of Ballast Point Ventures II, L.P. BPV II closed with commitments of $140 million, exceeding its original target of $125 million.

 

Ballast Point Ventures II will be managed by Partners Richard Brandewie, Drew Graham and Paul Johan, supported by Venture Partners Donald Burton and O. Gene Gabbard and Vice President Matthew Rice. The Fund’s investors are comprised of both institutional investors, including anchor investor Raymond James Financial, and more than fifty successful entrepreneurs.  New investors include the Florida Growth Fund LLC, formed by the State Board of Administration of Florida and Hamilton Lane to manage Florida-focused venture capital and private equity investments.

 

“We are pleased to have raised a $140 million fund in what has proven to be a difficult fundraising environment for venture capital firms,” said Graham.  “We are grateful for the support of both our BPV I investors who have partnered with us again and the substantial number of new partners who are joining us in BPV II.  Despite a difficult economic environment, we are excited about the investment opportunities we are seeing in our target Southeastern market.”

 

Thomas A. James, Chairman and CEO of Raymond James Financial, and Jeffrey E. Trocin, Executive Vice President of Equity Capital Markets, will continue to serve in an advisory capacity with the Fund. Gregory J. Baty, Vice President at Hamilton Lane, will also join the Ballast Point Ventures II Advisory Board. “We are impressed with the Ballast Point Ventures track record to date and with the experience and tenure of their investment team,” said Baty. “They have done a great job building an extensive network that allows BPV to source and support private growth companies in their core Florida and Southeast markets.”

 

About Ballast Point Ventures

Ballast Point Ventures (“BPV”) was founded in 2002 as a joint venture between Raymond James Financial and the principals of South Atlantic Venture Funds.  BPV provides expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 100 years of combined experience investing in and building high-growth companies in several industries, including health care, communications, business services, technology and consumer/retail. The Fund seeks to make minority equity investments ranging in size from $3 million to $10 million.

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