2003 VC Timeline –

January

* Yale University cuts PE allocation by 30 percent.

* Mohr, Davidow Ventures closes two offices and cuts its seventh fund a second time.

* Redpoint Ventures cuts its second fund a second time.

* JAFCO Ventures disassociates from Japan-based JAFCO Group. Renames itself Globespan Capital Partners.

* Law firm Brobeck, Phleger & Harrison shuts doors.

* J.P. Morgan Chase & Co. says it will reduce private equity exposure.

February

* Private Equity Intelligence launches as for-profit provider of VC fund-specific performance data.

* Arthur Rock donates $25 million to Harvard Business School for the formation of an entrepreneurial center.

* CSFB places Frank Quattrone on administrative leave.

* 3i closes Tokyo office.

* Accredited Home Lenders completes year’s first VC-backed IPO.

* Deutsche Bank sells late-stage private equity business.

March

* University of Michigan discloses private equity fund performance data.

* Sequoia Capital closes eleventh fund with $395M.

* VC-focused Red Herring magazine shuts down.

* CalSTRS releases performance data on 110 private equity funds.

* Dissident shareholders win control of MVC Capital board.

April

* Congress kills New Markets Venture Capital program.

* Texas Attorney General rules that UTIMCO must release new PE performance data.

* Accel Partners cuts Fund VIII second time.

* Intel Capital founder and President Les Vadasz retires.

* Nine Merrill Lynch pros leave to form new fund placement group at Lazard Freres. Merrill sues.

* Six Hamilton Lane pros leave to form own advisory firm. No suit is filed.

* San Jose Mercury News sues University of California for not disclosing private equity performance data.

May

* U.S. Army establishes VC fund in the mold of the CIA’s In-Q-Tel effort.

* Ted Dintersmith says that he will not be a general partner in Charles River Ventures’ next fund.

* SFERS selects Portfolio Advisors as alternative investment advisor, severing 14-year relationship with Cambridge Advisors.

* Secretive Carlyle Group unveils expanded Web site to pacify critics.

* CoPERA announces plan to reduce private equity allocation from $2.7 billion to $1.9 billion.

* SARS crisis slows investment activity in Asia.

June

* Battery Ventures acquires and privatizes Made2Manage, sparking spate of VC firm-led buyouts.

* MassPRIM fights Mass. attorney general request that it release VC performance data.

* Worldview Technology Partners cuts fourth fund for second time.

* Washington State Investment Board publishes VC performance data on its Web site for first time.

* Mary Ann Gray indicted by grand jury for allegedly misappropriating $400,000 from the Mid-Atlantic Venture Capital Association, where she was executive director.

July

* Alaska Science & Technology Foundation loses funding, prepares to wind down operations.

* State of Connecticut hires private equity investment chief, filling a spot that was vacant for three years.

* CalSTRS announces plans to nearly double its PE portfolio over five years.

* Staenberg Venture Partners merges into Rustic Canyon Ventures.

* Lexington Partners closes on the second-largest secondary fund in history, raising $2 billion.

* Judge sides with San Jose Mercury News in suit against University of California.

August

* Alta Partners’ Garrett Gruener launches bid to replace embattled California governor Gray Davis.

* Sequoia evicts University of Michigan from funds for disclosure of performance data.

* University of California fails to get court to reverse disclosure ruling, gets evicted from Sequoia funds.

* New Enterprise Associates commences fund-raising for $1 billion Fund XI without GPs Rob Coneybeer, Ron Kase and Tom McConnell.

* James Hearty fired as executive director of MassPRIM, partly because of reluctance to disclose VC performance data.

September

* Hurt by the tech contraction, Silicon Valley’s Venture Law Group announces it will merge into Heller Ehrman White & McAuliffe.

* J.P. Morgan Chase slashes commitment to JPMorgan Partners by $1.4 billion.

* Dow Jones acquires Technologic Partners.

October

* Reliant Pharmaceuticals raises year’s largest round, $115M Series D.

* Sometime LP Arnold Schwarzenegger wins California recall election. VC Garrett Gruener finishes 29th.

* LPs of East River Ventures II seek to replace fund’s general partner.

* Lehman Brothers acquires f-o-f manager The Crossroads Group.

* JPMP reports quarterly gain after 13 straight losses.

* Baring Private Equity Partners agrees to buy itself out from parent company ING Group.

November

* Internet mania returns as Kleiner Perkins and Benchmark give $40M pre-money valuation to Friendster.

* Battery Ventures lays off GPs Todd Dagres and Ravi Mohan, cuts fund by 15%.

* Sprout Group cuts ninth fund by 25%, shifts focus to health care only.

* Nishan Systems founder Aamer Latif sues ComVentures and Lightspeed for alleged fraud.

* HarbourVest Partners buys UBS Capital’s PE portfolio.

December

* President Bush, flanked by VC Steve Jurvetson, signs $3.7 billion National Nanotechnology Initiative.

* Private Equity Investment Guidelines Group proposes valuation reporting standards. Industry yawns.

* Mark Weisdorf, architect of gargantuan LP Canadian Pension Plan Investment Board, resigns. Search continues.

* As part of a legal settlement with a HealthSouth shareholder, Charles Newhall of NEA and Sage Givens of Acacia Venture Partners leave HealthSouth board.