VC Zombies: Worldview Technology Partners

Worldview Technology Partners

Worldview is a self-described zombie, having decided in 2006 that it would not raise a fifth fund. The San Mateo, Calif.-based firm had been in the midst of substantial personnel turnover, and didn’t exactly have a recent track record that inspired much LP confidence. So it punted on Worldview V — despite over $100 million in commitments — and poured all of its energies into Fund IV.

That vehicle was originally raised with $1 billion in 2001, but was cut back to $600 million in 2003. Worldview decided in late 2007 to stop making new investments, believing that its remaining $100 million could be best utilized as reserve capital. It has since experienced a handful of strong exits, including the $220 million sale of PostPath to Cisco (Worldview owned 33%) and the IPO of 3PAR Data.

Don’t be surprised if some of the remaining Worldview partners choose to raise a new fund in 2011 or 2012, but under a different name.