NEW YORK – Patricof & Co. Ventures Inc. recently promoted Thomas Hirschfeld and George Phipps to managing directors and made them partners in the new fund, APA Excelsior V. The move, coupled with the impending departure of General Partner Patricia Cloherty in early June (VCJ, February, page 37), leaves the firm with 10 managing directors […]
Venture capital partnership terms have remained relatively stable since the market picked up earlier this decade, but recent years have brought some mild changes. Management fees on the whole have declined slightly from their traditional 2.5%, and while 80%/20% remains the common carried interest split, top-flight G.P.s are taking 25% and even 30% cuts without […]
MENLO PARK, Calif. – When several venture firms attempted to recruit Hambrecht & Quist Senior Equity Analyst Farrokh Billimoria, he turned to his friend, venture capitalist Steve Diamond for advice. As it turned out, Mr. Diamond’s firm, Sprout Group, was in the market for a general partner with a background in networking and communications – […]
BOSTON – Highland Capital Partners has promoted Steve Harrick and Jo Tango to principals of the firm. Mr. Harrick joined Highland as a senior associate in 1997 with a specialty in computer software. He has participated in the firm’s investments in WebLine Communications and RoweCom, which recently went public. “As we all know, software and […]
NEW YORK – Douglas Brent in May left his post as president of BT Capital Partners, the private equity arm of Bankers Trust Corp., to establish his own buyout firm. The move comes in the shadow of an imminent merger between Bankers Trust and Deutsche Bank that likely will produce a restructuring of both BT […]
SAN FRANCISCO – In an effort to bring valuable advertising expertise to its new media portfolio companies, the Walden Group in April welcomed online marketing veteran Rich LeFurgy to its team. Mr. LeFurgy, who has worked with Walden as a consultant since November 1998, will complete several outstanding consulting commitments before joining the firm full […]
WAYNE, Pa. – EnerTech Capital Partners has followed the lead of many private equity firms by adding five new members to its advisory board. David Lincoln, a managing director at the firm, said that while other firms have expanded their boards of advisers to assist with fund raising and credibility, EnerTech made its additions to […]
When John Glynn became a venture capitalist almost 30 years ago, he entered an industry that bore little resemblance to what exists today. Mr. Glynn, founder and general partner of Glynn Ventures in Menlo Park, Calif., and a self-described generalist, worked for several years as a lawyer before entering the fledgling VC industry in 1970. […]
ALTA Claims $5 Million Close WESTERVILLE, Ohio – ALTA Analytics Inc., a developer of fraudulent claim screening software for property and casualty insurance providers, raised $5 million through a private placement of preferred stock with seven investors, according to a Securities and Exchange Commission filing. Menlo Ventures led the investment group, which included CID Equity […]
Can a pension fund truly diversify its private equity investments by investing in only two firms? North Dakota’s State Investment Board, which devotes 4% of its $2.3 billion investment pool to the asset class, has been quite successful using that particular strategy for the past 10 years. But things are about to change. The state […]