WASHINGTON, D.C. – Venture capitalists likely do not spend much time contemplating the accounting practices of public companies, but a Securities and Exchange Commission (SEC) initiative to curtail suspect accounting by such companies could affect the acquisition market for VCs’ portfolio companies. Since mid-1998, SEC Chairman Arthur Levitt has been increasingly vocal in criticizing corporations […]
PALO ALTO, Calif. – Technology Crossover Ventures (TCV) in January notched a $400 million second and final close on Technology Crossover Ventures III (TCV III). The fund, which was oversubscribed, held a first close in November on about $270 million (VCJ, December 1998, page 20). Like its predecessor funds, TCV III will back a broad […]
ATLANTA – Former information- technology entrepreneur Buck Goldstein and strategic partner Mellon Ventures in February launched netWorth Partners, the latest in a growing list of Internet-focused venture funds. Mellon Ventures, the captive equity investment vehicle for Mellon Bank, will invest in netWorth as a strategic limited partner, sharing deal flow and expertise and assisting in […]
MENLO PARK, Calif. – InterWest Partners was preparing for a late- February first and final close on its seventh fund and has added a venture partner to assist in investing the new vehicle. The firm was careful to avoid mass oversubscription by giving existing and new L.P.s estimates of the amount of capital they could […]
SAN FRANCISCO – The five managers of the Omega and Crossover venture funds in January bought their independence from Robertson Stephens Investment Management (RSIM). The new Omega Venture Partners Inc. will continue to manage Omega’s vehicles, which back late-stage deals in technology, business services and health care, as well as the Crossover funds, which back […]
LOS ALTOS, Calif. – Media Technology Ventures’ (MTV) second effort, Media Equity Partners, at press time closed on $120 million and was expected to reach a $150 million target by the end of February. Launched in March 1998, the fund notched an $80 million first close in June and held rolling closes thereafter (VCJ, December […]
CHARLOTTE, N.C. – Eager to focus on investing its latest fund, Piedmont Venture Capital Management expected a second close on its sophomore vehicle by the end of February. Stacy Anderson, a managing principal of the fund, would not comment on the size of the expected close, or the vehicle’s first close last fall, but she […]
NEW YORK/MENLO PARK, Calif. – A new group formed by Glenn Hutchins, a former managing director at The Blackstone Group; Integral Capital Partners, a Kleiner Perkins Caulfield & Byers affiliate; and two executives from Silicon Valley in February launched a buyout fund with a $1 billion target that will invest solely in technology companies. Silver […]
REDWOOD CITY, Calif. – How much is about two hours of your time worth? Venture capitalist Steve Jurvetson of Draper Fisher Jurvetson, thanks to a recent charity auction on eBay, can give a precise market value for the time it takes have breakfast with him: $9,400. That’s the cumulative price two entrepreneurs paid to shoot […]
BOSTON – Armed with a Small Business Investment Company (SBIC) license and capital from several Pittsburgh-area institutions and endowments, Caduceus Health Ventures in late January wrapped its first fund-raising effort. The $60 million Caduceus, named after the insignia symbolizing the medical profession, will invest in medical-related companies ranging from devices to bioinfomatics and drug discovery. […]