Bank of America cuts loose venture arm

Mar 8, 2007 @ 1:43 pm

By Sam Lewis

Scale Venture Partners, formerly Bank of America’s venture arm BA Venture Partners, has announced that it has completed a final close on Scale Venture Partners II, a $400 million fund.

Bank of America, an original limited partner based in Charlotte, North Carolina, agreed to transfer its interest in Fund II due to a high demand from outside investors, allowing Scale Venture Partners to build a portfolio of twelve long-term limited partners.

These include Credit Suisse of New York; Key Capital Corp. of Cleveland, Ohio; Lexington Partners of New York; Liberty Mutual Insurance Company of Boston, Mass.; Macquarie Global Private Equity Fund of New South Wales, Australia; Montague Newhall Associates of Calif.; Pantheon Ventures of London and its affiliates; Paul Capital Partners of San Francisco, Calif.; Storebrand of Oslo, Norway and several others.

Bank of America continues to be the sole limited partner for Scale Venture Partners I, a $500 million fund based in Foster City, Calif.

Probitas Partners of San Francisco, Calif., served as placement agent for the fund.

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