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peHUB Wire: Thursday, May 14, 2009Thursday Throwback
- peHUB Wire: Thursday, May 14, 2009
Thursday Throwback
- Latest Oak Investment Partners Fund Aims For June Close
Oak Investment Partners is confident it will close on $1.5 billion for its eighth thirteenth venture capital fund in the coming weeks, a source tells peHUB. At $1.5 billion, the fund would be a significant drop from its prior pool of capital, a $2.56 billion fund that closed in 2006. That even an established venture firm like Oak Investment Partners would lower its fund size during the current environment is no surprise. Recently, fellow venture capital giant NEA cut its fund target from $3.5 billion to $2.5 billion because of difficulties in the market. Moreover, Oak recently took a beating from VentureBeat http://venturebeat.com/2009/04/17/the-bizarre-case-of-oak-investment-partners/ which said some of its investments looked “extremely risky, if not ridiculously so.” The article named HuffingtonPost, Babystyle, Visto
- Anulex Tech Raises $10.2 Million
Anulex Technologies Inc., a Minnetonka, Minn.-based maker of medical devices for spinal disk preservation and anular repair, has raised $10.2 million in fourth-round funding, according to a regulatory filing. It had previously raised around $34 million, from firms like Delphi Ventures, New Enterprise Associates, St. Paul Venture Capital, Affinity Capital Management, MB Venture Partners and SightLine Partners. It also secured a $7 million "growth capital term loan" from Silicon Valley Bank. www.anulex.com
- Week in deals, May 11, 2009
Summary of tech companies and other businesses that raised financing in North America in the past week
- 23andMe raises $11M
Personalized genetics company co-founded by Anne Wojcicki, wife of Google co-founder Sergey Brin
- QinetiQ Buying Cyveillance
QinetiQ Group PLC has agreed to acquire Cyveillance Inc., a -based provider of online monitoring technology to identify and track data in cyberspace. The deal includes an initial cash payment of $40 million. Cyveillance shareholders include ABS Capital Partners and New Enterprise Associates.
- peHUB Wire: Thursday, May 7, 2009
Random Ramblings
- peHUB Wire: Thursday, May 7, 2009
Random Ramblings
- DFJ Is Latest Victim of Droopy Fund-Raising Environment
Everyone knows the fund-raising market has gotten more difficult, but a table I put together for a webinar I’m hosting tomorrow shows just how bad it is. Take a look below. Just skimming through a couple of months of coverage in Venture Capital Journal and PE Week, I was able to identify at least 16 firms that came up short of their goals. In one case, a firm abandoned fund-raising altogether and in another the firm postponed it till the market improves. I don’t think we’re going to see any improvement any time soon—for GPs, anyway. In fact, Private Equity Insider just reported today that Draper Fisher Jurvetson has cut the target of its 10th fund from $600 million to $400 million and it’s offering better terms for LPs, including carried interest that starts at 20% instead of 25% and is based on performance benchmarks.