Austin Ventures promotes two

The Texas-based venture firm has promoted Thomas Ball and David Lack to partner.

Austin Ventures, a Texas-based venture capital and growth equity firm has promoted to partner two members of its investment team, Thomas Ball and David Lack.

Ball, whose focus is early stage information technology companies, joined Austin Ventures in 2005. Previously, Ball was co-founder and chief executive of e-commerce software company Openfield Technologies, which merged with Razorgator Interactive group. Before Openfield, Ball was founder and CEO of eCoupons, acquired by Lifeminders.

Lack focusses on growth equity investments, primarily in the business services sector. He joined Austin in 2002 from Boston Consulting Group, where he was a manager.

Austin currently manages $3 billion (€2 billion) across nine funds. The firm closed its ninth fund on $525 million in 2005 and is currently raising its 10th fund, which is targeting $600 million according to the Probitas 2008 Private Equity Deskbook.

Other recent partner appointments include former Dell executive Joe Marengi, who was brought on in August 2007 to work with Austin’s IT portfolio companies. The firm promoted four investment professional to partner in November 2006 as well.

Austin invests throughout the fundraising cycle. The firm invests nationally with a focus on Texas, where Austin describes itself as the region’s most active investor.