VC Zombies: Blueprint Ventures

Blueprint Ventures

It’s been more than six years since San Francisco-based Blueprint Ventures raised a new fund, which means that there isn’t any dry powder for portfolio additions. Moreover, one of the firm’s three partners is in the midst of trying to get an independent — albeit complimentary — effort off the ground.

That partner is George Hoyem, who peHUB reported earlier this month had teamed with wind-down expert Marty Pichinson (Sherwood Partners) and venture capitalist Colin Savage (ex-Worldview Technology Partners) to raise a fund that would buy up distressed and liquidating VC-backed companies.

I spoke to both Hoyem and his Blueprint partner Bart Schachter, who each gave me different variations on the “wait and see” theme, vis-a-vis Blueprint’s future. The optimistic scenario would be for the vulture fund to succeed and then work side-by-side with Blueprint, which refocused a few years back on corporate spinouts. For that to happen, however, Blueprint itself would need to secure additional capital. It tried doing so last year, but then pulled the plug with hopes of returning to market in Q4 or in early 1010.

“You’re seeing lots of general partners out here doing some consulting work or taking chairman roles on boards, because they’re in a bit of a holding pattern,” Schacter said. “George is looking at something different, but that doesn’t mean that he’s necessarily leaving Blueprint — and he’s still working with his portfolio companies.”

Blueprint’s website lists 13 current portfolio companies, including LiveScribe and Visto.