William Bishop and Michael David Appointed Co-Heads of ORIX Venture Finance
Product Offerings Expanded to Include Mezzanine Loans and Equity
NEW YORK -- June 07, 2011
ORIX Venture Finance (“OVF”), a leading provider of growth capital to mid- and
late-stage venture-backed private companies, announced today that William
Bishop and Michael David, Managing Directors of the East Coast and West Coast,
respectively, have been appointed Co-Heads of the Venture Finance business.
OVF also announced today an expansion of its product offerings to include
mezzanine loans and equity co-investments. Consistent with its history of
growth, OVF expects to provide over $100 million dollars of senior loans,
mezzanine debt and equity co-investments this year. Bishop and David will
jointly lead this growth and expanded strategic direction of the business.
Michael David joined OVF at inception in 2001 to create and grow a Silicon
Valley/West Coast office and has successfully built an established practice in
the western states. William Bishop joined OVF in 2003, and has developed and
grown a significant practice across the East Coast, with a recent emphasis
towards New England and the New York Tri-State area.
As one of the first firms to provide later stage growth capital and
acquisition financing for venture-backed companies, OVF has provided more than
$900 million of capital to 85 companies over the past 10 years. OVF has
successfully grown along with its clients, expanding its capital commitment in
support of larger growth initiatives or acquisitions, and eliminating the need
for its funded companies to shop for other sources of financing as they
Young companies have found notable success by embracing a strategy of using a
less-dilutive capital infusion from OVF to accelerate their growth. OVF’s
portfolio companies have enjoyed successful IPOs and acquisitions, earning the
team a solid reputation as a finance partner.
According to Michael David, “OVF has provided later stage growth capital and
acquisition financing from inception. This focused business strategy has had a
long track record of success, both for our portfolio companies and our parent,
ORIX Corporation. Late stage debt capital will continue to be our core focus,
but we are excited to be able to offer broader financing alternatives for our
William Bishop noted, “Growth companies need a long term financial partner
which is prepared to adapt and change structures as they mature.” He added,
“We have demonstrated our ability to provide additional capital as our
portfolio companies grow, so I am delighted that we can show increased
flexibility by adding subordinated loans and equity financings to the product
ORIX Corporate Capital Senior Managing Director Chris Smith commented, “Mike
and Bill have been a huge part of our historical stability and success, and I
look forward to seeing the business continue to grow with them at the helm.
Our expanded product offerings affirm ORIX’s commitment to adapt to the
evolving needs of our clients who are seeking flexible capital solutions that
fit their individual financing goals.”
(Digital photos of William Bishop and Michael David are available upon
About ORIX Venture Finance
ORIX Venture Finance, an ORIX Corporate Capital business unit, provides
customized financial solutions up to $50 million in capital per transaction to
mid- and late-stage venture-backed companies which have established customers
and run-rate revenues of $10 million or greater. Since its inception in 2001,
ORIX Venture Finance has invested in more than 80 growth companies throughout
the U.S. and Canada. www.orixventurefinance.com.
ORIX Corporate Capital focuses on customized financing and investment
solutions for small and mid-sized growth companies. ORIX USA, the parent of
ORIX Corporate Capital, is a Dallas, Texas-based financial services and
investment firm with over 1,400 employees and primary offices in Dallas, New
York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $5.8
billion of assets and manages through various subsidiaries an additional $25
billion. ORIX USA Corporation (http://www.orix.com) is a wholly owned
subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international
financial services company with operations in 27 countries worldwide. ORIX
Corporation is listed on the Tokyo and New York Stock Exchanges.
C. Pharr & Company for ORIX Venture Finance
Cynthia Pharr Lee, 972-931-7576, ext. 24
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