SAN FRANCISCO Feb 5 Venture firm VantagePoint
Capital Partners, known for its investments in clean technology,
has pulled the plug on a planned $1.25 billion fund due to lack
of investor interest.
"We didn't feel like it was a good time," said spokesman
Gene Gable, citing a "wait-and-see" approach from the firm's
With venture-capital performance in recent years lagging
stock-market performance, investors are increasingly looking for
solid results in their venture bets.
Lately, VantagePoint has lacked a major exit - meaning a
sale or initial public offering for a portfolio company. One of
its biggest bets, solar company BrightSource, had to pull its
IPO the week of its planned listing last April because of
adverse market conditions.
Recent VantagePoint exits include data storage-company
Nexsan Corp, bought last month by another data-storage company,
Imation Corp, for $120 million.
The last fund VantagePoint raised was its $435 million
CleanTech Partners II in 2008. Before that, it raised a $1
billion fund, VantagePoint Venture Partners 2006.
The decision to halt the latest fund, which the firm has
been trying to raise since late 2010, was first reported by
Venture Capital Dispatch.