Firms & Funds

ANN ARBOR, Mich. – Arbor Partners L.L.C. has begun premarketing a venture capital fund that will target the electronic commerce and Internet sectors. The firm intends to raise between $50 million and $60 million for the vehicle, which will make later-stage investments, said Managing Director Donald Walker. Active fund raising should begin around the middle […]
PARIS – Sofinnova, S.A. was slated to reach a first and final close on Sofinnova Capital III in mid-December, with expectations of exceeding its FFr 600 ($106.6 million) target. The fund (VCJ, November 1998, page 26) will back early-stage information technology and life-sciences companies, predominantly in France. Limited partners include J.P. Morgan Investment Management Inc., […]
LONDON – Phildrew Ventures expected a first closing on its fifth and largest fund in late 1998. With a target of GBP300 million ($495 million), the Phildrew Ventures Fifth Fund is nearly double the size of its predecessor, which raised GBP164 million ($271 million) in 1995. Phildrew, however, will need to raise only GBP150 million […]
BOSTON – When private equity general partners market their funds to limited partners, much is said about performance, but the underlying operating practices get barely a word. The results of the 1998 survey of private equity compensation conducted by William M. Mercer Inc. indicate that private firms play a more active role in the development […]
NEW YORK – Behrman Capital rounded out its management ranks in November by adding Neil Sandler as a partner. The former investment banker came from BancBoston Robertson Stephens, where he spent two years working on health care. Mr. Sandler also will focus on health-care investments at Behrman, a later-stage venture and buyouts group, that has […]
WIESBADEN, Germany – The German state of Hesse in November teamed with Hoechst AG to launch a DM125 million ($74.4 million) venture capital fund focused on life sciences and chemistry and at press time was still in search of fund managers. Future Capital AG, scheduled to begin operations at the beginning of this year, is […]
NEWARK, N.J. – In a third quarter that saw venture-backed initial public offerings drop to 20 from 31 in the second quarter, venture firms increasingly turned to mergers and acquisitions as an exit strategy in 1998, according to statistics released in November by Venture Economics Information Services. The quarter began with a hot venture-backed IPO […]
PALO ALTO, Calif. – Bruce Golden initially joined Accel Partners as an entrepreneur-in-residence, and planned to focus only on his next business project. But he soon developed a passion for investing, and the firm took advantage of his operating and Internet experience by officially naming him a venture partner in mid-November. “It was more of […]
SAN FRANCISCO/TEL AVIV, Israel – Eager to begin investing its oversubscribed $55 million vehicle, Eucalyptus Ventures recently held a final close on its first fund, which focuses on early-stage, Israeli-related technology and health-care companies. “You can fund raise forever,” said Bruce Crocker, a managing director of the vehicle, which was created in 1997 and is […]
Political pundits who often disagree on virtually everything appeared to agree on one issue in 1998: The just-completed 105th Congress was short on legislative accomplishments and long on political bickering. While we may agree that political posturing occupied a major portion of Congress’ time and energy last year, it also was true that Republicans and […]
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