WOODSIDE/IRVINE, Calif. – Crosspoint Venture Partners 1999 reached a first and final close on $200 million in late April, said Managing General Partner John Mumford.
The fund had targeted $150 million to back seed- and early-stage companies in communications, e-business services and software (VCJ, April, page 22).
All of Crossroad Venture Partners’ previous investors returned for the 1999 fund, and four new limited partners came aboard: California Institute of Technology, Duke University, Ford Foundation and Rockefeller Foundation.
Crosspoint Venture Partners 1997, the firm’s previous fund, totaled $147 million and is fully invested.
Returning backers of the 1999 fund include HarbourVest Partners, Norwest Venture Partners, Church Pension Fund (of the Episcopal Church), AT&T/Lucent pension, the pensions of Ameritech Corp. and Bell Atlantic Corp., William & Flora Hewlett Foundation, Wellcome Trust Limited, University of Chicago, Harvard University, Massachusetts Institute of Technology, University of Virginia and Yale University.