BA Venture Partners somehow has continued on as an intact venture capital firm despite launching in the inauspicious venture year of 2000 and then being abandoned by its sole founding LP.

For the final closing of its second fund, Scale Venture Partners, the name BA Venture Partners adopted last year, said Bank of America has sold its entire stake in the firm to other investors. The bank retains its stake in the firm's first $500 million fund but will not participate in Scale's future funds.

It might seem that Bank of America knows something the new LPs don't, but Scale says it's been delivering "top-quartile results" since its founding. Last year, it had eight exits including Omniture's IPO. More recently, Picolight had a subpar exit while CipherMax held a recap. Still, the firm has some winners. Glu Mobile priced its IPO shares yesterday.

Whatever Scale Venture Partners is doing seems to be working for new LPs such as Credit Suisse Group and Lexington Partners. Scale managing director Kate Mitchell told The Deal's Paul Bonanos the firm could raise a third fund as soon as the middle of 2008.

For more on Scale Venture Partner's second fund, see:
The Deal

Tags: glu+mobile, boa, scalevp, vc, venture capital