ENVEST FUNDS    
ENVEST VENTURES IEnvest Ventures I, Envest’s first private equity fund, has $40.8 million in committed capital. The fund was raised primarily from private investors located in the Hampton Roads area of Virginia. Envest Ventures I was closed in March 2000, and has invested in 13 businesses across a range of industries and stages. The fund has sufficient reserves to make follow-on investment in its remaining 4 portfolio companies and is no longer making new investments. The fund has successfully exited nine deals, and has achieved positive returns for its investors. Envest I ranks among the top performing funds nationally within our peer group. ENVEST IIEnvest announced the initial close of Envest II, its second fund, in March 2004. Envest II raised $48 million, which will be invested over a 4 year period. Envest II will make equity investments in privately held companies. The fund will target non-revolutionary technology and basic industries in early to mid stage opportunities as well as later stage buyouts. We seek to invest a maximum of $5 million over the life of an investment, with a typical initial investment size of $1.5 to $3.0 million. When fully invested, the fund is expected to comprise of 10-12 businesses, with approximately 50% of the funds invested in Virginia. The fund anticipates investing more than 50% in early stage businesses, 25-30% in mid-stage companies, and 20-25% in later stage companies or buyouts. The fund has a limited life of 10 years. 2101 Parks Avenue Suite 401 Virginia Beach, Virginia 23451 |
