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BA Venture Partners has changed its name to Scale Venture Partners and invited new limited partners into its current $400 million fund, which had previously been the investment vehicle of Bank of America Corp. of Charlotte, N.C.

The move creates Scale Venture Partners II, the new name for a fund completed in December 2004. Bank of America is now a minority partner in the fund, with a group of limited partners accounting for the majority. Probitas Partners of San Francisco served as the fund's placement agent.

Scale managing director Kate Mitchell declined to reveal the names of any of the new partners, but confirmed that it includes a broad representation of investors including pension funds and educational endowments. She said it did not include hedge funds.

Launched in 2000 and based in Foster City, Calif., BA first invested a $500 million fund in communications, software, e-commerce and healthcare startups. Mitchell said it had always intended to open up the funds to outside capital, but it opted to close a second fund in 2004 without adding new limited partners.

With an estimated lifespan of four to five years, the fund is less than half committed to startups at present. The bank moved back and made room for new investors, Mitchell explained, adding that new the limited partners immediately acquire a share of the fund's previous investments.

The change will not affect the planned distribution of the fund among portfolio companies in areas such as communications, consumer electronics and entertainment, software-as-a-service, semiconductors and healthcare. Mitchell said its strategy will continue to center on isolating highly specific subsectors and target areas, then approaching companies that are typically approaching the commercialization stage.

Bank of America employed a similar strategy in allowing new investors into its European buyout fund, Argan Capital, formerly called BA Capital Partners Europe. That spinout was completed in October.

Scale's team remains unchanged as well. The firm currently has six managing directors as well as several more directors and associates, and expanded its team last summer.

Two of the firm's portfolio companies have gone public over the past 13 months. San Diego-based drug developer Somaxon Pharmaceuticals Inc. conducted its IPO in December 2005, while Orem, Utah-based business optimization software developer Omniture Inc. listed in June.

Two others, mobile game developer Glu Mobile Inc. of San Mateo, Calif., and biotechnology startup Orexigen Therapeutics Inc. of San Diego, also recently filed for offerings.

Scale said it achieved a total of 8 exits during 2006, and made 29 new investments totaling more than $90 million.

Cooley Godward Kronish LLP of Palo Alto, Calif., advised Scale during the reconstruction of the fund, while Kirkland Ellis LLP of Chicago represented Bank of America.

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