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More PCG Trouble

By Dan Primack — 13 years ago

Private equity consultancy Pacific Corporate Group is volcanic. It and its leader Chris Bower erupt from time to time, with senior managers flowing away like hasty lava. Boom.  Sources tell me that PCG this week has lost three top pros from its asset management group, which advises public pension systems on private equity fund commitments. They […]

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Publicly-Funded Art?

By Dan Primack — 13 years ago

The following column contains a number of synonyms and euphemisms, for the purpose of getting through your “canned ham” filters. Apologies for the inconvenience…  Earlier this week, the producer of “Women Gone Wacky” pled guilty to violating federal laws related to the exploitation of children (he didn’t keep proper records of his booze-impaired actresses). He […]

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Just Linking Around…

By Dan Primack — 13 years ago

Today’s column just fell apart, which led to yelling (at no one in particular) that startled a dog walker outside of the home office in Framingham. So I’ll let others pick up the slack until tomorrow…  *** CalPERS is using a two-year-old private equity disclosure law to withhold information about political contributions from venture capital […]

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Random Ramblings: Cortina, Cilion & More

By Dan Primack — 13 years ago

Cortina Systems yesterday announced that it had raised $132 million in fourth-round venture funding, in order to help finance its $115 million acquisition of Intel Corp.’s optical network components business. Since this is the third-largest VC deal of the year — following ClearWire and Cilion — a few notes are in order:  I initially assumed that […]

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More NYC Pension Changes

By Dan Primack — 13 years ago

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 […]

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Intel Capital Cuts Coming

By Dan Primack — 13 years ago

Corporate 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 […]

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Random Ramblings: NYC, Oris Capital & More

By Dan Primack — 13 years ago

Seven 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 […]

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Thursday Throw-Back

By Dan Primack — 13 years ago

The 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 […]

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Will Accel & Levensohn Get Rapt?

By Dan Primack — 13 years ago

It’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 […]

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Random Ramblings: Draper Atlantic, Apax & Ben Stein

By Dan Primack — 13 years ago

Just 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 […]

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Want To Buy Ford?

By Dan Primack — 13 years ago

Now 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, […]

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Random Ramblings: Embryonic & “Cancer” Stem Cells

By Dan Primack — 13 years ago

Venture 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 […]

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Monday Mouth-Off

By Dan Primack — 13 years ago

The 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 […]

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Random Ramblings: Compensation, Ford & Tom Lee

By Dan Primack — 13 years ago

As 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 […]

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That’s So Maven

By Dan Primack — 13 years ago

Maven 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 […]

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Random Ramblings: Jack Gill to Maven?

By Dan Primack — 13 years ago

For 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 […]

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True Ventures Closes Fund

By Dan Primack — 13 years ago

True 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 […]

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New Yorker vs. MBOs

By Dan Primack — 13 years ago

Private 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 […]

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