Vesbridge Partners is the little engine that never really could. The firm was originally founded via the 2004 breakup of St. Paul Venture Capital, which also resulted in Split Rock Partners. But whereas Split Rock quickly raised $275 million for its debut fund (and $300m for a follow-up), Vesbridge struggled to gain traction amoing limited partners.
Vesbridge ultimately closed its fund with $60 million, compared to a target of $250 million. Since then, it has lost almost all of its staff, including Bill Cadogan, Rick Boswell and Danny Klein. The death blow came last spring, when partner Jeff Hinck bolted for El Dorado Ventures — leaving Zenas Hutchinson as the only fulltimer standing.
According to its website, Vesbridge has 14 active portfolio companies remaining.