Entrepreneurs get absorbed into big companies every day when their startups are acquired. When they eventually leave, as so many do, the smart ones exit gracefully. You can put Tobias Peggs in that camp; here’s why.

The IPO market may be frozen shut for Web consumer companies, but for those with a marketing function are finding exits for VCs.

Cloud identity security company Ping Identity has closed on $21 million in fresh capital, the company announced Tuesday. Triangle Peak Partners, Silicon Valley Bank, and existing investors Appian Ventures, Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures and Volition Capital provided the round. The infusion will be used to accelerate development and to bolster sales efforts. Ping Identity is based in Denver.

Appian Ventures Denver-based Appian Ventures raised $80 million for its debut fund in 2004, with a focus on early-stage IT companies in the Rocky Mountains region. But Appian hasn’t been able to raise a subsequent fund, which means its 18 portfolio companies won’t be getting any new siblings for a while. “We had some conversations in [...]

Add Appian Ventures to the (growing) list of venture capital firms that do not expect to add new portfolio companies in 2009.

Chris Onan, a partner with Denver-based Appian, says that the firm simply needs to reserve remaining dry powder to support its 18 existing portfolio companies. At the same time, Appian doesn’t want to begin raising a new fund without a few more exits under its belt.