Bessemer Venture's Fuzzy Math
Bessemer Venture Partners this morning announced "the closing of a $350 million supplement to its current fund." But that's not really true. At least not in the traditional sense. The fund in question is Bessemer Venture Partners VII, which closed in June 2007 with approximately $1.1 billion in capital commitments. It was the first BVP fund open to institutions other than family office Bessemer Securities, although BS still took a very large stake. Too large a stake, perhaps, as the new "supplement" is mostly a transfer of unfunded capital from Bessemer Securities to other limited partners.
26 February 2009•2 mins read
