WOODSIDE, Calif. – Woodside Fund in late-March held a final close on its fourth fund, which totaled about $135 million, exceeding its original target by some $35 million, said Vincent Occhipinti, a co-founder and managing director at the firm.
The new vehicle, Woodside Fund IV, which launched in September 1999, will target early-stage technology companies mainly on the West Coast, focusing on business-to-business e-commerce and infrastructure entities. The firm also invests in the Internet e-commerce, software, communications and networking sectors. Woodside will back each portfolio company with between $5 million and $10 million and will consider investing in some later-stage entities to balance its portfolio, Occhipinti said.
Woodside recently made John Occhipinti, Vincent Occhipinti’s son, a principal and full time member of the investment team. In his prior role as a consultant, John Occhipinti would evaluate Internet technology investment opportunities and provide the firm with connections in the technology arena. Now, he is responsible for raising capital, developing deal flow, due diligence and managing the portfolio. Prior to joining the firm, he spent more than four years at Netscape Communications Corp., most recently as director of electronic software distribution and strategic sales. Before that, he sold and marketed database technologies for Oracle Corp.
The firm’s previous vehicle, the $41 million Woodside Fund III, which closed in 1995, is completely invested in 21 companies. Woodside’s portfolio includes Automated Power Exchange and InterTrust Technologies Corp., both based in Santa Clara, Calif., and SS8 Networks Inc., based in San Jose, Calif.
Woodside’s limited partners include pension funds, endowments and strategic individuals, such as entrepreneurs and industry executives who can add value to portfolio companies. Most limited partners in Woodside’s previous funds joined for Fund IV, many boosting their commitments to the fund by about three or four times, Vincent Occhipinti said.
Founded in 1983, Woodside has more than $200 million under management. The investment team consists of three managing directors, Robert Larson, Charles Greb and Vincent Occhipinti, Principals Daniel Ahn and John Occhipinti, and Analyst Matthew Bolton.