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Advent Venture Partners changes guard

The UK venture firm’s latest hire of former Apax Partners digital media and software investor Mike Chalfen marks a transition for the technology team as two partners retire.

Advent Venture Partners, a mixed stage venture capital firm, has appointed Mike Chalfen as a general partner in its technology team.

Chalfen will work alongside technology partners Peter Baines, Frédéric Court and Martin McNair, completing the process of generational change in the team.  Nick Teasdale and Neil Pearce, partners at the firm since 1996 and 1982 respectively, are retiring this year. Dave Cheeseman stepped down from the last year. There are plans to further expand the team with some more junior hires later this year, Advent said.

Baines, a technology-focused general partner, told PEO: “The transition is something we have been working on and planning for some time. We agreed it some years ago around the raising of our 2005 fund. These transitions can be difficult and we were determined to handle it well.”

Chalfen was previously at Apax Partners where he was a partner leading investment activity in the digital media, software and services sectors in Europe and Israel. 

Baines said: “He reinforces the direction we are going in, doing both disruptive early stage and growth equity investments.”

Chalfen joined Apax in 1996 and stayed ten years before leaving when the firm refocused on large buyouts. Since then he has been an active private investor.