Embattled Venture Firm OpenView to Give Back 75% of Capital to Investors

OpenView Venture Partners, the Boston-based venture capital firm whose abrupt decision to wind down late last year epitomized the challenges facing startup investors in the aftermath of the tech funding boom, has figured out its final chapter.

The 18-year-old firm plans to return the majority of a $571 million fund it raised a year ago to its limited partners, according to a private presentation it gave to LPs late last month. It will use the remaining capital to back its roughly 30 existing portfolio companies such as Calendly, a scheduling app last privately valued at $3 billion, as well as several early-stage enterprise startups. It’s highly unusual to return capital committed by LPs, underscoring the U-turn made by the firm.