With just a single commitment, OpenView has locked in 11 percent of the capital it hopes to raise for its sixth and largest fund to date.
Texas County and District Retirement System announced that it committed $50 million to Fund VI, which has a $450 million target, according to a Nov. 15 SEC filing. The Boston software investor raised just under $300 million about two years ago for its fifth fund.
The regulatory filing for Fund VI shows nine executives officers: Blake Bartlett, Elizabeth Cain, John Craven, Daniel Demmer, Rufus King, Scott Maxwell (firm founder), John McCullough, Devon McDonald and Richard Pelletier.
Texas County previously backed at least two OpenView funds. It committed $30 million to OpenView Venture Partners V, which closed on about $297 million in 2017. Before that, it committed $17 million to OpenView Venture Partners IV, which raised about $250 million in 2014, according to Private Equity International, an affiliate publication of Venture Capital Journal.
VCJ was unable to find performance data for OpenView’s funds, except for its vintage 2007 debut fund, OpenView Venture Partners LP. CalPERS, which committed $10 million to the fund, has received just over $15 million in cash distributions, and the remaining value of its stake is about $26 million, according to a report from the pension system. Overall, OpenView’s first fund has generated a net IRR of 11.3 percent and 2.6x investment multiple, CalPERS reported.
Fund VI also received a commitment of $10 million from the Metropolitan Government of Nashville and Davidson County Employees’ Benefit Trust Fund.