Buyers Guide –

Cipio Partners

www.cipiopartners.com

Munich

Founded: 2003

Capital under direct management: Undisclosed.

Partner/financial backer: LGT Capital Partners

Notable deals: Cipio acquired a 15-company portfolio of direct venture investments from T-Venture Holding, the venture capital arm of Deutsche Telekom, the venture capital portfolio of DaimlerChrysler Venture and the portfolio of Infineon Ventures, the corporate venture arm of German semiconductor company Infineon Technologies.

Industry Ventures

www.industryventures.com

San Francisco

Founded: 2000

Capital under direct management: Undisclosed. Raising its fourth fund.

Partners/financial backers: Thomas Weisel Partners and Willowridge

Notable deals: Earlier this year finished purchase of the venture portfolio of Infospace. Completed purchase of Enron Broadband Ventures last year and took over management of venture portfolios from Electronic Data Systems and AT Kearny in 2003. Also purchased direct portfolio interests from Bowman Capital in 2003.

Lake Street Capital

www.lakestreetcapital.com

San Francisco

Founded: 2003

Capital under direct management: $70M. Looking to raise independent fund of up to $100M from traditional LPs. Hopes to hold first close by year-end.

Partners/financial backers: Pantheon Ventures and Pomona Capital

Notable deals: Acquired interests in 20 companies from Dell Ventures, representing virtually entire Dell portfolio.

Nova Capital Management

www.nova-cap.com

London

Founded: 2002

Capital under direct management: Undisclosed.

Partners/financial backers: Caledonia Investments, HarbourVest Partners. (Caledonia owns 33% of Nova. Nova earns a management fee as well as a percentage of carried interest earned from portfolio exits.)

Notable deals: HarbourVest provided the capital for the assets of the West LB Growth Fund from German bank West LB; Nova acquired the partnership interests of the $80 million health care portfolio of Atlantic Medical Capital.

Saints Ventures

www.saintsvc.com

San Francisco

Founded: 2000

Capital under direct management: $22M

Partner/financial backer: HarbourVest Partners

LP: HarbourVest.

Notable deals: Purchased almost all of Tenet Healthcare’s venture capital portfolio for undisclosed sum with capital from HarbourVest Partners.

Vision Capital

www.visioncapital.com

London

Founded: 1997

Capital under direct management: Undisclosed.

Partners/financial backers: Goldman Sachs Asset Management, Landmark Partners, Paul Capital Partners, Pantheon Ventures.

Notable deals: Agreed to buy seven companies from Legal & General Ventures with a commitment of $155M (R120M).

W Capital Partners

www.wcapgroup.com

New York

Founded: 2001

Capital under direct management: $300M

Partner/financial backer: Goldman Sachs

LPs: CalPERS, Columbia University, the Fire and Police Pension Association of Colorado, the Public Employee Retirement System of Idaho, Rhode Island Employees’ Retirement System and Goldman Sachs’ VF Holdings. The fund also has endowments, foundations and high net worth individual investors as well as some European institutional investors.

Notable deals: Goldman provided the capital for W Capital’s March 2003 acquisition of all the direct investments in life sciences, communications and information technology of Tredegar (NYSE: TG).

Compiled by Matthew Sheahan from interviews with firms.