RockPort Capital Partners announced the close of its third venture capital fund with commitments of over $450 million, making it one of the largest venture funds focused on clean technology investments.
Continuing the core investment focus of earlier funds, RockPort’s Fund III will invest in the development of technology and products in emerging clean tech companies.
Since its founding in 2000, RockPort Capital Partners, with offices in Boston, Massachusetts and Menlo Park, California, has invested in nearly 40 clean tech companies and has nearly $850 million under management.
The RockPort team consists of Managing General Partners William "Wilber" James and David Prend, and General Partners Hap Ellis, Janet James, Chuck McDermott, and Todd Wilson.
James discussed the fund recently at a keynote session of the Boston CTSI conferenced. According to Greentech Media he said his firm is launching the fund to speed up exits and commercial production in the cleantech sector, which are "taking more time and more money" than VC investors initially thought.
Referring to the lack of IPOs in the sector he said, "If we don’t [exit] soon there will be some serious corrections."
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