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PEHUB Wire: Friday, February 6, 2009Random Ramblings
- PE Firms Among Madoff Victims
Private equity firms Audax Group and Cortec Group were among those scammed by Bernie Madoff, according to a 162-page customer list filed yesterday with the U.S. Bankruptcy Court in New York (download here /wp-content/uploads//madofflist.pdf ). Also ripped off was a hedge fund managed by Thomas H. Lee, institutional consultancy Cambridge Associates and legendary venture capitalist Arthur Rock. peHUB contacted Marc Wolpow, a co-CEO of Audax Group, who said the following: “We did not have any of our limited partners' -- or investors' – funds invested in Madoff. Audax is not a feeder fund. Our business is to invest in companies, not other funds. Thus I can assure you that our investors do not have any exposure (either direct or indirect) to Madoff through their investment in any Audax fund. [Co-CEO] Geoff Rehnert and I, along with so many others, did invest a small portion
- Spark Capital Promotes Alex Finkelstein
Spark Capital has promoted Alex Finkelstein from principal to general partner. He has led the firm’s investments in 5min and 8D World.
- Year-End Review Pieces Hold Few Surprises, Say 2009's Looking Lousy, Too
From the Wall Street Journal http://online.wsj.com/article/SB123085850074147895.html?mod=googlenews_wsj : Venture capitalists got squeezed by the financial crisis in 2008. That squeeze is likely to continue in 2009. Returns for these investors, who invest in start-ups with the aim of profiting when the companies go public or are sold, got crunched last year by a dearth of initial public offerings of stock and few mergers and acquisitions. The outlook isn't much brighter, as the recession is likely to continue to weigh on the IPO and M&A markets. Meanwhile, the venture industry's investors, such as pension funds or university endowments, were hurt by gyrating markets, crimping sources of funding. Some venture-capital firms are having a tough
- PE Week Wire: Wednesday, December 10, 2008
Random Ramblings
- PE Week Wire: Wednesday, December 10, 2008
Random Ramblings
Wholesome InvestingThe idea that you can do good for society and the environment—and still make a healthy profit—is starting to catch on