A couple of quick New York City pension system updates. Two sources tell me that Horatio Sparkes – who recently resigned as deputy comptroller for pensions – will be taking an investor relations gig with Yucaipa Cos. He will be succeeded by Joseph Haslip, who had been his number two. Still no word on who […]
ContinueCorporate employees are rarely fired. They get laid off, become redundant or accept voluntary (wink, wink) buyouts. For Intel Capital, the operative euphemism is “efficiency.” Want me to use it in a sentence? Ok, the “efficiency program” at Intel Capital likely will result in between 15% and 20% of its investment directors being fired. This […]
ContinueSeven weeks ago, I devoted a column to the New York City pension system’s appalling lack of qualified private equity managers. Specifically, the system – a collective of five separate systems – had just two dedicated managers overseeing $3.09 billion in commitments. One was Timothy Kelly, while the other apparently just had an X on […]
ContinueThe sun is shining, the entire HP board should have followed Tom Perkins’ lead and the hand-me-down Volkswagen has decided to mimic the once-trusty Pontiac. In other words, it’s time for Thursday Throw-Back. First up was yesterday’s discussion of the lawsuit filed by two co-founders of Rapt Inc., against venture capital firms Accel Partners and […]
ContinueIt’s an age-old story: Entrepreneurs meet VCs. VCs fund entrepreneurs. Entrepreneurs’ get washed out. VCs get sued by entrepreneurs. The latest chapter is being written by two co-founders of Rapt Inc., a San Francisco-based provider of price optimization and profitability management solutions. They are suing Rapt backers Accel Partners and Levensohn Venture Partners – plus […]
ContinueJust some notes as I combat jetjag, following a weekend wedding in Los Angeles… *** Draper Atlantic Ventures seems to have lost its Draper. The firm just began marketing for its $200 million-targeted third fund, under the name New Atlantic Ventures. It also has launched a new website that contains no mention of its original […]
ContinueNow that the silly Microsoft buyout talk is behind us, let’s move on to another target: Ford Motor Co., which began trading today at just $8.25 per share. For context, Toyota opened exactly $100 per share higher. The most basic problem is that Ford poured too much R&D into its gas-hungry truck and SUV division, […]
ContinueVenture capitalists have been unfairly maligned by those who oppose federal funding for embryonic stem cell research. Such criticism was particularly harsh in California, where many notable VCs helped lead passage of a $3 billion bond bill that will provide around $300 million per year for in-state stem cell research. The basic whine goes like […]
ContinueThe sky is gray, the beloved Red Sox are done (in Theo we blame) and I’m refreshed after a weekend on Cape Cod. In other words, it’s time for some Monday Mouth-Off. Today’s edition is devoted to last Wednesday’s discussion of James Surowiecki’s latest New Yorker column. In short, Surowiecki had argued that management buyouts are fundamentally […]
ContinueAs some of you noticed, I was on CNBC again yesterday (twice in one week, after not having been on since 2001). The topic was why public company CEOs are flocking to LBO-backed private companies, with the news tease being David Calhoun’s jump from GE to VNU. My basic message was that private company CEOs don’t have […]
ContinueMaven Venture Partners is proceeding with plans to raise its $150 million inaugural fund, despite the recent departure of co-founding partner Marc Friend. In an email and subsequent phone conversation, Jennifer Gill Roberts says that the firm already has lined up several LP commitments, and expects to hold a first close sometime this fall. My […]
ContinueFor every successful first-time fund, however, there is at least one floundering one. Today’s example is Maven Venture Partners, which was formed earlier this year by Jennifer Gill Roberts (formerly of Sevin Rosen Funds), Marc Friend (Summit Partners, USVP) and veteran telecom exec George Richard. The Menlo Park, Calif.-based firm had been in market with […]
ContinueTrue Ventures has closed its inaugural fund with $155 million, which should prompt rejoicing from those still hung over from last week’s TechCrunch party (and from those unable to get an invite). The San Francisco-based firm was well oversubscribed from its $125 million target, and is among a burgeoning class of first-time fund managers focused […]
ContinuePrivate equity has been getting a barrage of popular press coverage, due largely to mega-deals for companies like HCA, Aramark and VNU (Kinder Morgan, for whatever reason, keeps being treated like a middle child). Most of said coverage, however, seems to have been assigned by unimaginative editors who want to know either: “Are large fund […]
ContinueThe sun is shining, the Red Sox are sinking and Iran is responding. In other words, it’s time for some Tuesday Talk-Back. *** First up are a couple of responses to yesterday’s column, which lambasted the Financial Times’ suggestion that LBO firms should consider buying Microsoft. Charles writes: “One thing I think that people may […]
ContinueI appeared on CNBC’s SquawkBox program this morning, in order to discuss The Financial Times’ inane suggestion that Microsoft could be next on the private equity shopping list. As I told the equally-skeptical anchors, Snakes on a Plane will win a best picture Oscar before Microsoft gets acquired by LBO firms. For those of you […]
ContinuePresident Bush yesterday signed a sweeping pension reform bill that should provide a major boost to the fund-raising prospects of both private equity funds-of-funds and hedge funds. Specifically, the law exempts U.S. public pension funds, foreign benefit plans and certain church funds from counting as “benefit plan investors.” This means that a private equity fund-of-funds […]
ContinueThe extraordinarily-amicable divorce between Jeffrey Drazen and Sierra Ventures is in its final act, as Drazen’s new firm has closed its inaugural fund with $250 million. Named Bertram Capital, the firm will formally open on Sept. 5 and will focus on growth capital opportunities in the business services, tech, healthcare (non FDA-track) and industrial manufacturing […]
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Are emerging managers in tune with potential backers when it comes to anticipating what factors [...]
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When I meet with other VCs, family offices, and other institutional investors, the most common [...]
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By Jeff Harbach, Kauffman Fellows In Indonesia, investors and entrepreneurs can find investments that will [...]
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