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HarbourVest Markets $2B Fund-of-Funds –

19 years ago

BOSTON/NEW YORK – HarbourVest Partners, L.L.C. is marketing its sixth fund-of-funds targeting investments in the United States. The launch is significant because it signals HarbourVest’s further movement away from committing to buyout partnerships and direct deals. If it reaches its $2 billion target, HarbourVest Private Equity Partners VI, L.P. is planning to invest $500 million […]

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Pantheon Prepares To Wrap Fund III –

19 years ago

SAN FRANCISCO – Pantheon Ventures in early April was awaiting the completion of paperwork by a few limited partners before declaring a final wrap on its third fund-of-funds. Pantheon USA Fund III, launched in mid-1998, was the firm’s first major fund raising effort to include investors in the United States (VCJ, September 1998, page 21). […]

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Crossroad Changes Name, Nears Close –

19 years ago

SEATTLE – Crossroad Ventures, the venture firm that spun out of Silicon Valley’s Redleaf Ventures earlier this year, recently changed its name to Guide Ventures and was anticipating a first close in April on more than $10 million for its inaugural fund, said founder Russ Aldrich. Mr. Aldrich, who had been Redleaf’s Washington-based managing director, […]

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Catterton Cuts Name, Launches Fund IV –

19 years ago

GREENWICH, Conn. – Catterton Partners in March began marketing its fourth fund, which, targeted at $350 million, is more than twice the size of its previous vehicle. Catterton Partners IV will tap a mix of institutional investors, such as gatekeepers, endowments, funds-of-funds and high-net-worth individuals. The firm expects an initial close in June, said Michael […]

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NYC Pensions Add Support to PE Efforts –

19 years ago

NEW YORK- As pensions in the New York City system get set to become some of the largest investors in private equity in the next several years, they are considering adding gatekeepers and internal professionals to help manage their private equity programs. The four city pensions that invest in private equity – New York City […]

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New Mayfield Partner Notches Two Deals –

19 years ago

MENLO PARK, Calif. – Mayfield Fund’s newly-hired venture partner, Todd Brooks, recently closed two communication-technology deals. The companies, Avanex Inc. and Qtera Corp., develop photonic components and systems for the telecommunications industry. Mayfield in late March led Avanex’s $6 million Series C round with a $2.25 million commitment, followed a few days later by a […]

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Sofinnova Readies To Wrap Fund IV –

19 years ago

SAN FRANCISCO -Sofinnova Venture Partners IV was slated for a final wrap on about $73 million in mid-April. Launched in late 1997, the $60 million-targeted fund was raised in Europe and the United States and held multiple closes (VCJ, November 1998, page 14). European backers – mostly French – put up about two-thirds of the […]

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Wilshire Retains CalPERS Assignment –

19 years ago

SACRAMENTO, Calif. – The California Public Employees’ Retirement System (CalPERS) will renew its contract with general consultant, Wilshire Associates. The $153 billion pension at press time was negotiating the terms and fees for the evergreen deal. Wilshire has served as CalPERS general consultant for 17 years, and the firm’s current five-year, $3 million contract expires […]

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Priceline.com Inc. –

19 years ago

STAMFORD, Conn. – Priceline.com Inc., an online auction site, held an initial public offering March 29. The stock priced at $16, well above the $12 to $14 price range. The company offered 10 million shares. Underwriters include Morgan Stanley & Co. Inc., Merrill Lynch & Co., Pierce, Fenner & Smith Inc., BancBoston Robertson Stephen Inc. […]

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Distributions of Thinly Traded Stocks: The Legal Perspective –

19 years ago

Lawyers are sometimes chided for dwelling on distinctions that strike the uninitiated as arcane. Accordingly, the distinction that a distribution of portfolio company stock from a venture fund to its limited partners in kind is just that – a “distribution” rather than a sale – probably will excite a venture fund’s counsel much more than […]

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WPG Loses Bianchi, Preps Fund Anyway –

19 years ago

SAN FRANCISCO – Annette Bianchi, a general partner at Weiss, Peck & Greer Venture Partners, has departed the firm after seven years to become a managing director at Pacific Venture Group, a Southern California health-care venture group. Ms. Bianchi, who is a medical technology investor, said the transition was a “natural progression” for her, noting […]

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The Potential Impact of Social Security Reform on the VC World –

19 years ago

While Social Security reform isn’t exactly the sexiest topic of discussion among venture capitalists, it might benefit them to pay the issue a little more heed. As Senior Writer Shawn Neidorf tells us (story page 37), if paying Social Security dues becomes mandatory for public employees, it could significantly diminish the amount of capital that […]

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E*Trade Forms Venture Capital Unit –

19 years ago

PALO ALTO, Calif. – Another player has entered the corporate venture capital fray, and this time it is a company that received its own venture financing not too long ago. Online investment brokerage E*Trade Group Inc. in March formed a $150 million captive venture capital unit headed by Thomas Bevilacqua, the company’s former independent counsel […]

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Landmark Purchases Pioneer Group’sVenture Capital Holdings, New Firm Created –

19 years ago

BOSTON – The Pioneer Group Inc.’s venture arm in mid-March spun out and formed its own firm, Ascent Venture Management Inc., and at the same time Pioneer sold its interests in three of its venture subsidiary’s funds to Landmark Partners Inc. Ascent will continue to manage the three funds raised under Pioneer’s umbrella – Pioneer […]

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Lehman Prepares $350M Venture Fund –

19 years ago

NEW YORK – Lehman Brothers is creating a $350 million to $400 million venture fund that will invest in small companies. In an unprecedented move, the firm is offering its institutional and high-net-worth clients an opportunity to buy into the fund with a minimum investment of $500,000. “This is really an extension of our investment […]

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First Quarter IPOs Explode onto Scene –

19 years ago

NEW YORK – Venture firms returned to the initial public offering market in the first quarter, raising $1.85 billion through 26 initial public offerings in the quarter, according to preliminary data gathered by Venture Economics Information Services, a data company affiliated with VCJ, and sister publications Private Equity Week and The IPO Reporter. Internet-related entities […]

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PCA Keeps Position As CalSTRS Adviser –

19 years ago

SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) in April reselected Pension Consulting Alliance (PCA) as its general consultant for the next five years, effective May 1. The Encino, Calif.-based consultant had already spent five years as a general consultant for the $96 billion pension, said CalSTRS Chief Investment Officer Pat Mitchell. BARRA […]

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Viventures Raises Multinational Fund –

19 years ago

PARIS – Newly-created Viventures Partners held a second close in late March on its first multinational $100 million-targeted vehicle, Viventures. Launched in September, the fund held a first close in November on FFr 515 million ($85 million) and is capped at $115 million. Some $14 million already is invested, and a final close is expected […]

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