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VC the Rx for Angelides

Phil Angelides, last year’s wannabe gubernatorial candidate in California, is apparently starting his own venture firm, according to the San Jose Business Journal.

Arnold Schwarzenegger crushed Angelides in the November election for governor by about a 17-point margin, but Angelides has told the Business Journal, as well as the Sacramento Bee, that this new venture of his will have him investing in environmentally friendly projects and products. In other words, he’s going after one of the hottest investment sectors of 2006–cleantech.

The Business Journal, which was my old stomping grounds 10 years ago, failed to ask the former state treasurer any tough questions in the Q&A. For instance, I’d like to know the structure of this firm, who’s joining him, how does he plan to raise money and how much money will he invest and what’s the name of this venture, which will be based in Sacramento, Calif. You know, I just want the basics.

I’d also like to know what qualifies Angelides to run a VC operation. OK, in the interest of full disclosure, I didn’t vote for him. I cast my ballot for perennial Green party stand-in Peter Camejo. Angelides, who as state treasurer was also a trustee for the two largest state pension funds, did launch the Green Wave Initiative in 2004 as a way to encourage alternative investments in cleantech. I don’t know much about the progress of the initiative, and I haven’t yet tracked down Angelides. But I do know that Pennsylvania Treasurer Bob Casey followed in those same green wave footsteps and started a similar program in his state last year.

If you know something about what Angelides is doing, let me know. And maybe we can get to the bottom of his venture related plans.