ORIX Venture Finance, a provider of growth capital to mid-stage and late-stage venture-backed companies, has named William Bishop and Michael David as co-heads of its venture finance business. David joined the company at its inception in 2001, and is managing director of the West Coast office. Bishop joined OVF in 2003, and focuses on the East Coast.
ORIX Venture Finance (“OVF”), a leading provider of growth capital to mid- and late-stage venture-backed private companies, announced today that William Bishop and Michael David, Managing Directors of the East Coast and West Coast, respectively, have been appointed Co-Heads of the Venture Finance business. OVF also announced today an expansion of its product offerings to include mezzanine loans and equity co-investments. Consistent with its history of growth, OVF expects to provide over $100 million dollars of senior loans, mezzanine debt and equity co-investments this year. Bishop and David will jointly lead this growth and expanded strategic direction of the business.
Michael David joined OVF at inception in 2001 to create and grow a Silicon Valley/West Coast office and has successfully built an established practice in the western states. William Bishop joined OVF in 2003, and has developed and grown a significant practice across the East Coast, with a recent emphasis towards New England and the New York Tri-State area.
As one of the first firms to provide later stage growth capital and acquisition financing for venture-backed companies, OVF has provided more than $900 million of capital to 85 companies over the past 10 years. OVF has successfully grown along with its clients, expanding its capital commitment in support of larger growth initiatives or acquisitions, and eliminating the need for its funded companies to shop for other sources of financing as they expand.
Young companies have found notable success by embracing a strategy of using a less-dilutive capital infusion from OVF to accelerate their growth. OVF’s portfolio companies have enjoyed successful IPOs and acquisitions, earning the team a solid reputation as a finance partner.
According to Michael David, “OVF has provided later stage growth capital and acquisition financing from inception. This focused business strategy has had a long track record of success, both for our portfolio companies and our parent, ORIX Corporation. Late stage debt capital will continue to be our core focus, but we are excited to be able to offer broader financing alternatives for our clients.”
William Bishop noted, “Growth companies need a long term financial partner which is prepared to adapt and change structures as they mature.” He added, “We have demonstrated our ability to provide additional capital as our portfolio companies grow, so I am delighted that we can show increased flexibility by adding subordinated loans and equity financings to the product mix.”
ORIX Corporate Capital Senior Managing Director Chris Smith commented “Mike and Bill have been a huge part of our historical stability and success, and I look forward to seeing the business continue to grow with them at the helm. Our expanded product offerings affirm ORIX’s commitment to adapt to the evolving needs of our clients who are seeking flexible capital solutions that fit their individual financing goals.”
About ORIX Venture Finance
ORIX Venture Finance, an ORIX Corporate Capital business unit, provides customized financial solutions up to $50 million in capital per transaction to mid- and late-stage venture-backed companies which have established customers and run-rate revenues of $10 million or greater. Since its inception in 2001, ORIX Venture Finance has invested in more than 80 growth companies throughout the U. S. and Canada. www.orixventurefinance.com.
ORIX Corporate Capital focuses on customized financing and investment solutions for small and mid-sized growth companies. ORIX USA, the parent of ORIX Corporate Capital, is a Dallas, Texas-based financial services and investment firm with over 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $5.8 billion of assets and manages through various subsidiaries an additional $25 billion. ORIX USA Corporation (http://www.orix.com) is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 27 countries worldwide. ORIX Corporation is listed on the Tokyo and New York Stock Exchanges.