Blue Delta Capital Partners has raised $215 million for its third fund and plans to use it to make growth-stage equity investments in federal government services providers in return for non-controlling ownership positions in such companies.
The Tysons, Virginia-based venture capital firm said Wednesday the oversubscribed Blue Delta Capital Fund III was launched two years after the second fund was announced.
“Raising Fund III in a matter of weeks, and with only one closing, enables us to spend more time working with our existing portfolio companies and partnering with new industry-leading federal companies in 2022 and beyond,” said Mark Frantz, co-founder and a general partner at Blue Delta.
“We are thrilled to be able to continue partnering with more top-notch management teams, always as non-control equity investors, and bringing our federal market expertise to help those companies achieve their full potential,” said Kevin Robbins, a Blue Delta general partner and co-founder and a previous Wash100 Award winner.
Blue Delta General Partner Phil Nolan said the venture capital firm could provide mentoring support to the next generation of professionals in the federal market through its team of investors.
“In addition, our Silicon Valley-like approach to providing significant stock option grants for those management teams aligns our incentives with theirs, enabling them to create life-changing outcomes for their employees, and helps our companies attract the best talent in the market, many of whom have worked with us in the past,” added Nolan.
Cooley led by partner Aaron Velli acts as Blue Delta’s fund counsel.
Renny DiPentima, former president and CEO of SRA International, is a member of Blue Delta’s advisory board. He also serves on the board of directors of Capgemini Government Solutions and on the advisory board of SE Solutions.