The company named no successor, leaving four independent trustees to carry oversight duties that weigh heavier at a fund with no listed share price.

August 11, 2026

BIP Ventures Evergreen BDC has lost a member of its board of trustees to a congressional campaign, shrinking the oversight body at the Atlanta venture-lending vehicle to six seats.

Mark Teixeira notified the company on August 5 that he was resigning from the board and from all of its committees, effective immediately. The company attributed the departure to his candidacy as the Republican nominee for Texas’s 21st congressional district in the 2026 general election, and stated that it did not stem from any disagreement over the company’s operations, policies or practices. Teixeira, a former Major League Baseball first baseman who won the district’s Republican primary in March, faces Democratic nominee Kristin Hook in November.

Four of the board’s six remaining members are independent trustees, meaning they are not interested persons of the company under the Investment Company Act of 1940. That keeps the fund above both the statutory floor for board independence and the majority threshold that governs a fund’s ability to rely on several commonly used exemptive rules, so nothing compels the board to seat a replacement quickly.

Why the seat matters

Board composition carries more weight at a non-traded BDC than the arithmetic suggests. Holders of a continuously offered fund have no market price to read as a running verdict on the adviser, and no ability to exit by selling into an exchange. Oversight of valuation, of the adviser’s fees, and of conflicts between the fund and affiliated deal flow sits with the independent trustees — which makes a one-seat reduction in that group a governance event rather than a housekeeping item.

The point is sharper at a venture-oriented BDC. Portfolios built around private, early-stage and growth-company positions carry fewer observable marks than broadly syndicated loans, so the valuation judgment independent trustees ratify each period does more of the work in setting the price at which new investors subscribe and existing ones are repurchased.

What the disclosure leaves open

Several points an allocator would want are absent. The company does not say:

• whether a successor will be named, or whether the board intends to fill the vacancy at all;
• which committees Teixeira sat on, or how long he served;
• whether he counted among the independent trustees or on the interested side of the ledger;
• whether the board expects to return to its prior size.

BIP Ventures Evergreen BDC has been building its investor base through periodic private placements rather than a listing, and its shares carry no ticker or exchange registration.

Mark Buffington, chairman and chief executive officer, reported the change on August 10.