Two Patricof Staffers Promoted to Partners –

NEW YORK – Patricof & Co. Ventures Inc. recently promoted Thomas Hirschfeld and George Phipps to managing directors and made them partners in the new fund, APA Excelsior V.

The move, coupled with the impending departure of General Partner Patricia Cloherty in early June (VCJ, February, page 37), leaves the firm with 10 managing directors and partners, said Managing Director Salem Shuchman.

Mr. Shuchman said the two new partners have been active members of Patricof’s technology group – Mr. Hirschfeld in the Internet space and Mr. Phipps in telecommunications.

Mr. Hirschfeld joined Patricof in 1995 as a principal in the New York office, where he will remain. Since arriving, he has led investments in Atcom Inc., Audible Inc., IntraLinks Inc., Medscape Inc. and Talk City Inc., among other Internet companies. Four of Mr. Hirschfeld’s portfolio companies are expected to file for initial public offerings in the next few weeks, Mr. Shuchman said.

Mr. Phipps, based in Palo Alto, Calif., began his career at Patricof as an associate in the New York office. He has participated in the firm’s investments in Webley Systems Inc., Stream Intelligent Networks Corp. and also worked on the leveraged recapitalization of Medical Arts Press Inc.

“These two are both in hot areas that are important to the firm,” Mr. Shuchman said.

Patricof is investing the $410 million Excelsior V, which closed last spring. Mr. Shuchman said the firm has invested $55 million in the first quarter, and while it is still early in Excelsior V’s cycle, he expects to see fund raising for Excelsior VI to begin sooner rather than later.