Thursday, September 11, 2008

Ascent Ventures setting its sights on $200M for fifth fund

By Mass High Tech Staff

Ascent Venture Partners is raising a nearly $200 million fund as part of its fifth fund, website PE Hub reported, citing a regulatory filing. Ascent, founded in 1985, focuses on early-stage investments on the East Coast. In 2003, it closed its fourth fund, which totaled $140 million.

At the time, firm principal Matt Fates said Boston-based Ascent planned to make five or six investments annually, generally in the range of $2 million to $6 million. The firm, which now reports $400 million under management, has invested in 90 early-stage tech companies, according to officials.

Portfolio companies include Waltham security software maker V.i. Laboratories Inc., which last year received $8 million in a Series B round of funding led by Ascent. The privately held V.i. Labs, founded in 2005, develops software that protects against the misappropriation and theft of intellectual property in applications.

Other Ascent investments include Marlborough-based Concord Communications Inc., a maker of network-management software; Hologic Inc. of Bedford, which makes medical-imaging equipment; and Burlington-based Bluesocket Inc.

Ascent is also a Small Business Investment Company, meaning the Small Business Administration made an investment in its fourth fund. The SBA expects SBIC funds to hit a certain return on investment but lets other limited partners share the proceeds if the VC firm surpasses that target.