Private Equity Week Wire for Thursday 2-7

NEW YORK — JPMorgan Partners (JPMP), the private equity arm of J.P. Morgan Chase & Co. (NYSE: JPM), announced today that Alan Marty has joined the firm as an executive-in-residence to drive the expansion of the firm’s investment in the nanotechnology arena. Mr. Marty will work closely with an interdisciplinary team at JPMP to evaluate and manage new investments in nanotechnology applications that will overlap with many of the investments that JPMorgan Partners currently holds in its Life Science and Technology practice group portfolios.

Mr. Marty brings both a business and technology perspective on nanotechnology to JPMP. While at Hewlett-Packard, Mr. Marty was General Manager of the integrated circuit business with responsibility for all aspects of the multi-national enterprise. At Agilent Technologies, Mr. Marty was General Manager of the microdisplay business, an early entrant into commercialized nanotechnology. Early in his career, Mr. Marty was an Associate Professor in Materials Science at Silliman University and he served as a White House Fellow under Secretary of Defense Dick Cheney. Mr. Marty received his bachelor’s degree in Materials Science from Iowa State University and an MBA from Stanford University. He is currently chairman of the Nanotechnology Innovation Committee within the Next Silicon Valley initiative.

VANCOUVER -Colligo Networks, Inc., formerly SynchroPoint Wireless, a provider of collaboration software for mobile workers, today announced that it has closed its Series A funding totaling US $3.5 million.
Business Development Bank of Canada (BDC), GrowthWorks managed funds, strategic investor Sierra Wireless (NASDAQ: SWIR – TSE: SW) and several well-known angel investors in the Vancouver and the Silicon Valley areas. This latest round of financing will fund the development and launch of several new products.

NEW YORK, CHICAGO & TORONTO – BMO Nesbitt Burns today grew its commitment to its Merchant Banking line of business with the hiring of four key employees in its offices in New York, Chicago and Toronto.
Tim A. Bowman joins the firm as Executive Managing Director, BMO Nesbitt Burns Equity Partners, Toronto; Beth F. Johnston joins as Executive Managing Director, BMO Nesbitt Burns Equity Partners, Chicago; Rene Benedetto joins as Vice-President, Halyard Capital Fund, New York, and Peter Hurwitz joins BMO Nesbitt Burns as Managing Director and Chief Administrative Officer, Merchant Banking, New York. All four will report to Robert B. Nolan Jr., Executive Managing Director, BMO Nesbitt Burns, and Head of the firm’s Merchant Banking line of business.

WEST CONSHOHOCKEN, PA — Rosemont Partners I LP announced today that it completed an investment in Fulcrum Global Partners LLC. Fulcrum is a research and securities brokerage firm headquartered in New York City that focuses on the equity research and trade execution needs of hedge funds, asset managers and institutions.

LONDON & BALTIMORE — Montagu Newhall Associates announced today that it had closed Montagu Newhall Global Partners LP, an international venture capital fund-of-funds totaling over $52 million.
To date, the new fund has made commitments totaling $33.25 million to nine venture capital partnerships and co-investments totaling $1.9 million in four life sciences companies. The new fund is expected to diversify its portfolio in information technology, communications and healthcare/life sciences, as well as broad coverage of the major venture capital markets of the U.S. and Europe.

LOS ANGELES — Stereo Vision Entertainment Inc. (OTCBB:SVED); At a Board of Directors meeting scheduled for February 15th, it is expected that a final determination will be made as to the structure of the Company’s next round of financing. The Company has received various funding proposals from Investment Banking and Venture Capital firms. The funding proceeds to be received will be deployed into the continuing development of the productions currently underway and to the completion of the Company’s previously announced acquisitions.

SAN FRANCISCO — Progress Investment Management Co. has introduced a new private equity product, Discovery Fund II, designed for pension funds, endowments and foundations that desire greater portfolio diversification and want to capture the excess returns that can be achieved by investing in the private equity asset class, it was announced today.
When fully funded, Discovery Fund II will be a $200 million fund-of-funds, most of which will be invested in 15-18 general partnerships that specialize in venture capital, buyouts and special situations.

BUFFALO, NY — Rand Capital Corp. (Nasdaq: RAND) announced that its application to operate as a Small Business Investment Company (SBIC) has been accepted for filing by the U.S. Small Business Administration’s (SBA) Investment Division.

Rand Capital SBIC LP has been initially capitalized with $5 million in funding, termed “regulatory capital”, provided by Rand Capital Corporation. Rand Capital SBIC LP can immediately begin to make pre-licensing investments from its regulatory capital. The SBA’s review of Rand’s application and completion of their licensing process will take at least six months to complete. Once Rand satisfactorily completes the SBIC’s licensing process, it intends to operate Rand Capital SBIC LP as a wholly owned subsidiary that will be able access leverage of $2 for every $1 dollar of regulatory capital for investments in small companies, resulting in a total capital pool eligible for investing of up to $15 million.

PALO ALTO, CA — Technology Crossover Ventures (TCV) today announced that John Drew has joined the firm as General Partner. Previously serving in Senior Executive positions at global technology leaders Lucent, International Network Services and Unisys, Drew brings 20 years of operating, technical and financial experience to the firm.

MARINA DEL REY, CA — Storactive Inc., the
leader in true real-time data protection for Windows workstations, today
announced that it has received $4 million in venture funding from Smart
Technology Ventures. The new investment completes Storactive’s Series I
funding round which also raised $11.7 million during the second half of 2001.

For yesterday’s Wire, click here

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