Every few months, someone tells me that Kodiak Venture Partners is on the ropes. The latest came last Thursday night before my MIT dinner speech, when someone said they’d heard layoff rumors. So I looked into it, and came up with the following:
No layoffs, although marketing director Liz Neal has left. The bigger issue is that fundraising remains on hold until the middle of next year, when Kodiak is hoping to have a handful of additional liquidity events. For example, two of its portfolio companies are planning to file for IPOs next week (hint: only one is based in Massachusetts).
Some of you might remember that Kodiak had originally planned to close its fourth fund by Q1 of this year, but things got derailed by the messy defection of partner Elliott Katzman to Commonwealth Capital Partners. After all, it’s problematic when a fund’s investors learn that a partner is leaving before the other partners know (which is at least one way the story has been told). There’s enough dry powder left in the current fund to last another eight months or so, which probably means PPMs will be distributed in Q2.