New venture firm Olympus Capital Partners raises $150 million

New venture firm Olympus Capital Partners raises $150 million

At a time when venture capital is dwindling and funds disappearing, a new Silicon Valley firm called Olympus Capital Partners on Friday confirmed raising a new $150 million fund and its role in leading a $41.5 million, third-round investment in Solexant, a San Jose solar startup.

The investment in Solexant, maker of a novel ultrathin-film photovoltaic technology, is representative of the sort of late-stage investments Olympus intends to specialize in, said founder Rami Elkhatib, a former partner with North Carolina-based Southeast Technology Ventures. Olympus, he said, is focused on "capital-efficient" opportunities in cleantech and information software.

With venture investment trending sharply downward through the recession, Elkhatib said he worked two years to raise Olympus' fund. Building on long-term relationships, he said, he raised money from a small group of limited partners, including a large international asset management group. He declined to identify the investors.

The recession, he said, created an opening for a new late-stage firm because so many established firms have been concentrating their efforts and dollars on nurturing their portfolio companies through the downturn. Olympus anticipates making 10 to 12 investments from the fund, in amounts ranging up to $15 million, he said.
By Scott Duke Harris sdharris@mercurynews.com


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