Former Sprout telecom head joins VantagePoint

Stephen Diamond leaves CSFB’s venture capital affiliate amidst the firm’s restructuring and fund downsizing.

Stephen Diamond, the former telecommunications and networks head at Sprout Group, is replanting himself as managing director at VantagePoint Venture Partners to focus on the communications sector.

 

Diamond joined Spout as a general partner in 1998. Prior to that, he was group vice president and worldwide director of telecommunications and networking research at Dataquest/Gartner Group.

 

Diamond simultaneously joins VantagePoint along with incoming venture partner Jay Shiveley, who just prior held the same position at Sprout, and before that, served as general partner at Atlas Venture. Duncan Davidson rounds out the three hires, coming to work with VantagePoint as a venture partner focusing on software after being founder and chief executive officer at SkyPilot Networks.

 

The departures from Sprout come amidst many changes at the venture capital affiliate of Credit Suisse First Boston, which last fall clipped its Fund IX by 25 percent from $1.44 billion to $1.08 billion. Sprout also announced plans to spin out its healthcare investing group and said the restructuring and fund cut reflected the stagnating trend in IT investing.

 

Keith Geeslin, who headed Sprout’s IT initiatives, retired at the end of last year shortly after these announcements.

 

VantagePoint manages more than $2.5 billion in assets in four funds. The firm provides seed through late-stage financing primarily for technology companies in the communications, semiconductor and software sectors.