OVP Adds Partner, Closes Fund

OVP Venture Partners recently held a $250 million final close on its seventh fund and added Mark Ashida to its partnership roster.

Ashida will serve as partner at OVP, focused on the security, networking and infrastructure spaces. He previously was with Microsoft as general manager of Windows enterprise networking and, before that, was COO of InterTrust, a public digital rights management company sold in 2002.

He joins OVP as the Pacific Northwest-based VC firm wrapped up fund-raising for its latest vehicle. The firm had held a $207 million first close in May 2006, but extended the fund-raising to accept commitments from the Meketa Investment Group and the College of the Holy Cross. Other new LPs include the New York State Common Fund, the Alfred I. DuPont Testamentary Trust and Olin College of Engineering, while returnees include the Oregon Public Employees Retirement Fund (which committed $50 million), the Washington State Investment Board ($40 million) and the endowments of Indiana University and Kenyon College.

The mixed early stage life sciences and information technology fund is about 33% larger than VI, a $187.5 million fund raised in 2001.

Remarkably, the firm (which has offices in Kirkland, Wash., and Portland, Ore.) is setting a fund-raising record despite losing limited partners who passed on the firm in favor of buyout and hedge funds. The firm lost two of its LPs to alternative asset classes, despite a strong showing from other previous investors. Managing Partner Gerry Langeler declined to name the LPs who opted out.

More for PE Week Subscribers here.