New Group Wants To Buy VC-Backed Busts
A new fund is being shopped to invest in distressed and liquidating VC portfolio companies, peHUB has learned. The proposed principals are Marty Pichinson (Sherwood Partners), George Hoyem (Blueprint Ventures) and Colin Savage (formerly of Worldview Technology Partners). Doesn’t seem to have gotten much traction yet, but it sounds like an interesting idea on paper. My vote for the firm's name would be ABCapital... Pichinson is an obvious choice for this sort of thing, since he’s Silicon Valley’s official gravedigger. Hoyem is a bit more surprising, but makes sense when you consider that Blueprint has repositioned itself as an investor in corporate orphans (i.e., spinouts/carveouts). Savage certainly understands what a wind-down entails -- given that Worldview decided several years ago not to raise another fund.
