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.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

How interest rates have affected different types of insurance

Social media and engagement editor Scott Kleinberg and reporter Greg Iacurci discuss a common theme in this week's popular insurance stories.

Latest news & opinion

LPL video about private equity looks like a swipe at Cetera

Recruiting video warns about potential consequences for advisers when a PE firm buys a broker-dealer.

Ladenburg chairman Phillip Frost steps down

The SEC charged Frost with fraud earlier this month.

Envestnet Tamarac partners with Schwab, TD on digital account openings

Auto-filling documents designed to make onboarding more efficient for RIAs and more convenient for clients.

Wells Fargo plans to cut staff up to 10% within next three years

Bank is struggling to cut spending amid regulatory fines and higher legal costs stemming from scandals.

Universal life insurance lawsuits underscore product risk

Sudden cost increases could cause clients to pay much higher annual premiums — or lapse their policies.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print