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Crescendo Selling Stakes

Investors in the Crescendo 4, one of the two Crescendo Ventures funds that imploded during popping of the tech bubble, received a letter from the firm two weeks ago informing them of the opportunity to sell their stakes to two unidentified secondary houses. The two seek to buy $35 million of LP interests in the 2000-vintage fund at 15% below NAV. It is thought that the two may also provide capital for new investments, according to reports from the Private Equity Insider.