Top-Rated Analyst Joins JAFCO –

BOSTON – Jafco Ventures added Ullas Naik earlier this month as a managing director to be based out of the firm’s Boston office. Naik left a position as an analyst at FAC Equities.

Naik rose from a modest background in India to be recently rated as a top analyst. In July, Fortune Magazine awarded Naik All-Star status, citing an 800% return on his recommendations that put him above his peers in the Internet sector. Naik said he has also been recognized for his accuracy for predicting earnings.

Andy Goldfarb, Jafco’s senior managing director, said that besides the standard general partner responsibilities, Naik would help the firm identify emerging technology trends.

By following public companies through their evolution, Naik said he has been exposed to the private markets. He said he had also invested in private companies on behalf of First Albany Cos. and on his own behalf.

Naik is the fourth investment professional to join Jafco following the close of the oversubscribed Jafco America Technology Fund Series III. In an agreement with the $425 million fund’s limited partners, Goldfarb said the firm committed to increase its stable of investment professionals. In November, the firm added Vice Presidents David Polifko and David Fachetti.

Since Jafco’s Fund III closed in March, the firm has invested $120 million in about 25 companies. The firm likes to balance its investments, reserving 35% for seed-stage and first round investments, earmarking 55% for second round investments and saving 10% for later investments. Goldfarb said the firm invests in communications, Internet infrastructure, software and system peripherals.

For more information on Ullas Naik and Jafco Ventures, please look for VCJ’s February 2001 issue.

Charles R. Fellers can be contacted at