Newly re-christened Flybridge Capital Partners raised a follow-on fund to two funds previously operated under the IDG Ventures Atlantic aegis, dropping the sponsorship of International Data Group to go it alone.
Flybridge Capital Partners III LP closed at $280 million, up 56% from the firm's $180 million IDG Ventures Atlantic II fund closed in April 2005. It will focus on the same assortment of consumer, healthcare and information technology deals the funds have targeted since IDG Ventures Atlantic I was launched with $100 million in 2001.
Flybridge's Kate Castle said the new fund brings back all of the limited partners from the IDG Ventures Atlantic II fund, except for IDG, the Boston-based technology market research, publishing and event management giant . Flybridge general partner Jeff Bussgang said investment professionalss have always owned the management company always operated independently, and that after providing all the capital in the first fund, IDG's investment was less than 20% of fund II.
Bussgang said that as the funds became larger and more diverse in their investors, IDG maintained its practice of investing only in its own sponsored funds, and it was a natural evolution to adopt a new name. While he would not discuss specific deal terms, he said the new fund has the same management fee structure and carry as previous funds.
IDG Ventures continues to sponsor named funds operating in San Francisco, Vietnam, China, Korea and India.
Flybridge's new fund expects to focus on the same size early stage investments. To accommodate additional deal flow, the new fund has five limited partners, two of which were added since the close of the previous fund. The new fund's general partner roster consists of David Aronoff, Jeff Bussgang, Michael Greeley, Chip Hazard and Jon Karlen, all operating out of Boston.
Managers will continue to handle follow-on investments as the two IDG Ventures Atlantic funds wind down, and recent investments have included Internet video storage and delivery system maker Blackwave Inc., Medical device maker PolyRemedy Inc. and pharmaceutical supply-chain software maker SupplyScape Corp.
With IDG out as an investor, the new fund brought on a number of new limited partners, including Princeton University, the Alfred I. duPont Testamentary Trust, AlpInvest Partners, FLAG Capital Management, Grove Street Advisors, HighVista Strategies, Knightsbridge Advisers, TrueBridge Capital Partners, and VenCap International. -- Clifford Carlsen
See March 17 press release from Flybridge
See December 2007 story from TechConfidential
See Feb. 11 story from TechConfidential
For more see Xconomy, AltAssets and The Fein Line
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