Pinnacle Reaches for Boston

Pinnacle Ventures is in the process of opening a Boston office, peHUB has learned. It is expected to be staffed by three professionals, including a principal. One lower-level hire has already been made, while a search in ongoing for the other positions.

The Palo Alto, Calif.-based firm was founded in 2002, and provides both venture equity and debt to early-stage companies in the IT, healthcare and alternative energy spaces. It closed its third fund in January 2007, which gave it approximately $700 million in capital under management.

“For the past two or three years we’ve been doing between 20% and 25% of our deals on the East Coast, so it makes sense for us to put people on the ground locally,” says Ken Pelowski, firm founder and managing partner. “We should be up and running there shortly.”