OVP VII Closes at $250M Hard Cap.

KIRKLAND, Wash. & PORTLAND, Ore. -- Early-stage venture capital firm OVP Venture Partners (OVP) has announced a final close on its seventh fund at $250 million, well exceeding its target of $200 million and at its self-imposed hard cap. After a first close of $207 million in May 2006, OVP accepted additional investments from two limited partners, the Meketa Investment Group in Westwood, MA, and the endowment of the College of the Holy Cross in Worcester, MA. OVP now has over $750 million in capital under management.

"We are very pleased to have completed raising our largest fund ever," said OVP General Partner Gerry Langeler. "This is a big vote of confidence for us and for the region, and means we have even greater capacity to make more investments in companies and technologies we find exciting."

"We're delighted to be a part of this fund," said Chief Investment Officer William Durgin of the College of the Holy Cross. "We are always looking for top-tier groups with differential advantage. OVP's leadership in the Northwest and its track record of proven performance meant they were the right choice for us as we expand our private equity program."

OVP General Partner and National Venture Capital Association (NVCA) board member Chad Waite added, "The solid and diverse set of investors we have in this fund speaks to the strength others see in the technological advances coming out of our region."

New investors Meketa Investment Group, GKM Generation Funds (for the New York State Common Fund), the Alfred I. DuPont Testamentary Trust in Jacksonville, FL, and the endowments of the College of the Holy Cross and Olin College of Engineering join returning investors including the Oregon Public Employees Retirement Fund, the Washington State Investment Board and the endowments of Indiana University and Kenyon College.

OVP VII has been actively investing since the first closing, with investments in GainSpan Corp., Talyst Inc., and Tzero Technologies, Inc., plus two additional investments pending. OVP plans to invest this fund in 20-25 companies in total, continuing with its investment strategy of $1 million to $5 million initial investments in pre-revenue companies, ramping to $8 million to $15 million over the life of each deal. OVP will continue to focus on Northwest companies, with selected investments in California and elsewhere, and will continue its concentration in the areas of communications, software, security, semiconductors, digital biology, and nanotechnology.

About OVP Venture Partners:

For over 24 years, OVP Venture Partners has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP's strategy of focusing on early stage investments in defined spaces has yielded proven results; the firm's record of 51 liquidity events - including 22 IPO's - leads the region. The OVP team has a passion for working with ground-breaking entrepreneurs and high-caliber investors, and is known for its performance track record and personal integrity. OVP has over $750 million in capital under management and is currently investing its seventh fund.

OVP has offices in Seattle and Portland and concentrates its efforts on opportunities at the intersection of technology's next big waves and foundational strengths native to the region. The firm's recent activity has included deals in communications, software, security, semiconductors, digital biology, and nanotechnology.

The OVP team includes investing partners Chad Waite, Lucinda Stewart, Rick LeFaivre and Carl Weissman in Seattle and Gerry Langeler, Dave Chen and John Hull in Portland. Chad Waite serves on the Board of the National Venture Capital Association (NVCA).

More information on the partnership is available at www.ovp.com.