SAN FRANCISCO — Northgate Capital, a venture capital investment fund founded by former San Francisco 49ers players Brent Jones and Tommy Vardell, announced the closing of Northgate Venture Partners VIII fund at $120 million.
NVP VIII invests primarily in marquee venture capital firms and a select number of emerging managers. The firm has a total of $4.9 billion in assets under management.
“Over the last 20 years, we have backed some of the premier venture capital firms in the business,” said Brent Jones, Co-Founder and Partner at Northgate. “We are delighted to deploy our eighth venture capital fund-of-funds and carry on our long history of supporting firms whose entrepreneurs continue innovating the technology sector.”
Jones played tight end for the 49ers for 11 seasons from 1987-1997.
Tommy Vardell, Co-Founder and Partner at Northgate added, “Given that the venture capital asset class has a wide dispersion of returns, we believe that the only way to justify the risk-reward dynamic of the venture asset class is to form an optimized portfolio that seeks to realize top-quartile returns. We are fortunate to have the relationships and access to form such a portfolio.”
Vardell played running back for Stanford where he earned the nickname Touchdown Tommy. He graduated in 1992 and was a first round NFL pick of the Cleveland Browns. He played two seasons for the 49ers in 1996 and 1999.
Jones and Vardell founded Northgate in 2000. NVP VIII is Northgate’s seventeenth fund-of-funds and will make 10-15 primary investments in access-constrained venture capital partnerships that specialize in funding early-stage technology companies. Significantly, many of these venture capital firms are in portfolios of prior Northgate Funds.
NVP VIII received support from the firm’s wide-ranging network of investors, both in the U.S. and around the world. “We thank our limited partners for their backing and confidence in our strategy and look forward to a long and fruitful relationship not only in NVP VIII but also in our future investment vehicles,” said Ali Ojjeh, Chairman of Northgate.