PALO ALTO, Calif. – Summit Partners at press time was preparing the late spring launch of a $150 million fund that will invest smaller amounts of capital than are usual for the firm, said General Partner Walter Kortschak. Summit in May hired Kip Sheeline, an 11-year veteran of Hambrecht & Quist, to manage the vehicle, […]
SCOTTSDALE, Ariz. – Valley Ventures II reached a second close in early April on $28.2 million. The Southwestern United States-focused fund has a $35 million target and will continue accepting commitments, but General Partner Jock Holliman is shifting his attention from fund raising to deal making. Mr. Holliman is in discussions with several existing institutional […]
BOSTON – Schroder Ventures International Life Sciences Fund II reached a second close on $214 million at the end of April and is expected to wrap at its $250 million cap by the end of June. The fund was targeted at $200 million and notched a first close on $127 million in December (VCJ, February, […]
WOODSIDE/IRVINE, Calif. – Crosspoint Venture Partners 1999 reached a first and final close on $200 million in late April, said Managing General Partner John Mumford. The fund had targeted $150 million to back seed- and early-stage companies in communications, e-business services and software (VCJ, April, page 22). All of Crossroad Venture Partners’ previous investors returned […]
NEW YORK – Six weeks after launching its first venture capital fund, Lehman Brothers in April closed Lehman Brothers Venture Partners L.P. on $350 million. The firm committed $145 million to the fund, while its employees invested an additional $75 million. The balance of the fund’s capital primarily came from high-net-worth clients of the firm, […]
BOSTON – The Pioneer Group Inc.’s venture arm in mid-March spun out and formed its own firm, Ascent Venture Management Inc., and at the same time Pioneer sold its interests in three of its venture subsidiary’s funds to Landmark Partners Inc. Ascent will continue to manage the three funds raised under Pioneer’s umbrella – Pioneer […]
PARIS – Newly-created Viventures Partners held a second close in late March on its first multinational $100 million-targeted vehicle, Viventures. Launched in September, the fund held a first close in November on FFr 515 million ($85 million) and is capped at $115 million. Some $14 million already is invested, and a final close is expected […]
When Hans Severiens, a retired venture capitalist and angel investor, established San Francisco’s Band of Angels in late 1994, he believed he was embarking on a part-time project. He soon realized, however, that running an investment club like the Band, now regarded as the industry’s premier angel network, was an expensive, full-time endeavor – which […]
CAMBRIDGE, Mass. – RoweCom Inc., a software developer that facilitates the online purchase and subscription of various print publications, held an initial public offering March 8, offering 3.1 million shares at $16 each. The stock priced at the high end of the company’s $14 to $16 price range. The IPO, underwritten by J.P. Morgan & […]
SUGAR LAND, Texas – Neon Systems Inc., a producer of software that integrates data, transactions and applications from a variety of computer systems, went public March 5, offering 2.7 million shares at $15 apiece, according the company’s Securities and Exchange Commission filing price. The IPO, which left 8 million shares outstanding, was underwritten by Donaldson, […]