On December 10, 2019, Geoforce completed the sale of a majority equity stake to LLR Partners. Fund III sold 100% of its holdings in the transaction. Houston Ventures acted as lead investor in the Company's prior growth equity rounds alongside certain co-investing limited partners. The investment was representative of Houston Venture's investment thesis around process improvement for upstream oil and gas operations, a theme it has been supporting since 2004.
The sale of Geoforce follows the sale of LiquidFrameworks to Luminate Partners in December 2018. These two exits created significant liquidity events for Houston Ventures III, generating returns to investors substantially in excess of total capital contributed to the Fund.
Houston Ventures III holds investments in two remaining portfolio companies.