Pete Wilkins, the managing director at one of Chicago’s most active early-stage venture capital firms Hyde Park Angels, is stepping down after nearly six years in the role.
HPA announced Thursday that it is searching for Wilkins’ replacement and plans to appoint someone by the end of this summer. Until someone is selected, Wilkins will remain in the role.
“Fundamentally, when you look at what we were able to build under my tenure, I couldn’t think of a better time to put it in the hands of the next leader as I look at the next opportunity in my career,” Wilkins said. “Coming to the decision was certainly a difficult one.”
Wilkins’ next step is uncertain, but said “going back in and building a company” is the direction he wants to go, looking at CEO or COO roles in the Windy City.
“I am a Chicago tech champion through and through,” Wilkins said. “There’s so many opportunities in the Chicagoland area, and my heart is here, and I couldn’t imagine being pulled away from this great tech city.”
HPA’s nominating and governance committee will lead a search for Wilkins’ replacement.
“We’re expecting somebody with investor experience but also a balance of operational experience,” said Bob Giammanco, HPA’s chair and the CEO of 2XL Corp.
Under Wilkins’ guidance, HPA has invested in numerous local startups, such as insuretech provider Clearcover, Asian food delivery company Chowbus and healthy vending machine maker Farmer’s Fridge. Wilkins said he will continue to serve as an advisor to HPA portfolio companies.
In 2018, the firm invested $17.4 million in Midwest companies—a record for HPA, which has a team of just five investing professionals. The firm, founded in 2007, says it also made record capital returns to investors than in the previous decade combined.
Collectively, HPA’s portfolio includes 45 active startups, which have raised more than $1.1 billion in capital, generated $400 million in sales and employed more than 2,500 people, according to the firm.
“We’ve been able to become to the most active early-stage investor, not because of me but because of how this organization has come together and ... allowed our investors to realize their dreams,” Wilkins said. “We are really being thoughtful and professional around finding the right opportunities.”
