A bright spot in VC land
At the OTVS conference last week (see post “”), David McCarthy, a managing partner at Summerhill Venture Partners (formerly known as BCE Capital) moderated a panel on “exits”. In his intro, he confirmed for the first time that Summerhill is in the final throes of closing their new US$175 million fund. Although this wasn’t the first I had heard of the ultimate number raised, this was the first public confirmation. This is a great feat for the team, as the BCE (BCE:TSX) takeover process would have been more than an inconvenient backdrop for Gary et al to finish the market canvass (see post “What of BCE Capital?, July 7-07″).
Word is that all of the institutional LPs are foreign, other than BCE’s lead commitment (US$50MM?). Good for the team to have had such success in the U.S., but, where are our Canadian pension funds and life co’s? We’ve had the opportunity to look at a bunch of their portfolio companies and, trust me, these people know what they are doing.
Congrats to Gary, David and the rest of the Summerhill team.