FORT LEE, N.J. – Geocapital Partners, a backer of Internet and telecommunications companies, recently elevated Principal Whitney Bower to General Partner.
Bower works on telecom investments with General Partner Stephen Clearman and Associate Satya Patel, and to a lesser extent, presides over Internet deals. Since joining the firm in 1997, Bower has evaluated deals, led investments and worked closely with portfolio companies in the United States and abroad. He is actively involved in six companies and sits on the board of four, including Stepstone ASA, LearnLinc Corp., Gran Via Internet and Locus Telecommunications Inc. Bower also helped secure Homestore.com Inc. and Geneva Technologies in Geocapital’s portfolio.
Prior to joining Geocapital, Bower was director of marketing for Open Market Inc., an Internet software company, and before that, he was the manager of business development for the Times Mirror Co.
Geocapital currently is investing its $230 million Geocapital V LP, alongside the $75 million Geocapital Eurofund LP, which both closed in the fourth quarter 1998. At press time, the fund had backed 12 companies and had plans to invest in another three, Clearman said.
About 60% of Geocapital’s deals are in the Internet space and the remaining 40% in telecommunications. The firm typically backs each of its portfolio companies with between $5 million to $20 million, with average investments of $10 million, Clearman said. Collectively, the firm sits on the boards of about 90% of its portfolio companies, Bower said.
Founded in 1984, Geocapital has offices in Fort Lee and London, and devotes about 60% of its capital to companies based in North America and 40% to European entities.
Investments in the U.S. and London are conducted by the firm’s eight general partners: Colin Amies, Mark Dicker, Kimberly Eads, Nic Humphries, Lawrence Lepard, Richard Vines, Clearman and Bower, along with Principal Judy Bolger.
The firm’s latest funds are almost completely committed, and Geocapital plans to raise another vehicle sometime in second quarter of the year, which will target $500 million and invest in both North America and Europe, Clearman said.