Oregon Growth Account (Oregon Growth Board)
Government fund of funds Still adding venture funds
Oregon Growth Account (Oregon Growth Board) reports 23 venture funds, $111M in all.
Holdings are from its report as of December 31, 2025. “Still adding venture funds”: its newest venture fund is a 2024 vintage, within 3 years of 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2009 | 0 |
| 2010 | 0 |
| 2011 | 1 |
| 2012 | 0 |
| 2013 | 1 |
| 2014 | 0 |
| 2015 | 0 |
| 2016 | 2 |
| 2017 | 1 |
| 2018 | 1 |
| 2019 | 2 |
| 2020 | 1 |
| 2021 | 3 |
| 2022 | 4 |
| 2023 | 1 |
| 2024 | 4 |
Updates from Oregon Growth Account (Oregon Growth Board)
All of Oregon Growth Account (Oregon Growth Board)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Voyager Capital Fund V, L.P. Emerging manager | Voyager Capital LLC | 2018 | $7.5M |
| OVP Venture Partners VII, L.P. | Ovp Management Co., LLC | 2006 | $7M |
| Builders VC Fund II | Builders VC, LLC | 2021 | $5M |
| Builders VC Fund III | Builders VC, LLC | 2024 | $5M |
| Enlightened Hospitality Investments Fund II, L.P. | Enlightened Hospitality Investments Management LLC | 2021 | $5M |
In the app: 18 more venture funds. Open Oregon Growth Account (Oregon Growth Board) in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Steady: it backs its managers again about as often as most LPs that report fund by fund. It backed 90% of its managers again when they raised a later fund (20 chances), and stays with a manager 5.8 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- Austin Family Foundation
- Oregon State Treasury (OPERF)
- Fairbridge Foundation
- The Vibrant Village Foundation
- The Delaski Family Foundation
- The Lemelson Foundation
- The Harold & Arlene Schnitzer Care Foundation
- James F & Marion L Miller Foundation
16 LPs within 100 miles in all: see them on the map.
How to submit
It takes submissions from fund managers. See how to submit, on its site.
Emerging-manager program: Oregon Growth Fund.
In its words: “Emerging fund managers can seek funding from OGF, develop a track record, and eventually seek increased funding from OGA." "For additional information or to apply for funding, please fill out the Initial Application and submit it to growth.board@biz.oregon.gov.”
Read from its own pages on October 19, 2026: oregon.gov/biz/programs/OGAOGF/Pages/default.aspx. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of December 31, 2025. Source: Oregon Growth Account Private Markets Program: Performance Analysis. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
The Oregon Growth Account is the State of Oregon's return-driven portfolio of commitments to private fund managers, overseen by the Oregon Growth Board at Business Oregon. Its quarterly public performance report lists every investment with vintage, strategy, committed, contributed, unfunded and distributed amounts, fair market value, TVPI and IRR, in whole dollars as printed. Total value here is distributed plus fair market value, and DPI is distributed divided by contributed; both are derived. TVPI and IRR are as printed; the column is headed "IRR" and the report does not say whether it is net or gross of fees or how it is calculated, and 13 of the funds here show "NM" or "NA" instead of an IRR. Of the 94 investments in the report (total committed $358,549,621), the 85 classed by the report as Venture Capital, Buyout, Growth Equity or Special Situations are included (committed $319,729,700); the others are left out because the report classes them as something else: 1 Private Debt, 1 Mezzanine, 5 Natural Resources, 2 Infrastructure. The rows add up to the report's Total row.
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