The National Venture Capital Association elected Paul Maeder, a co-founder and general partner of Highland Capital Partners, as chairman of the board.
Maeder replaces Kate Mitchell, a managing general partner of Scale Venture Partners, who as chairman, pushed for venture capital firms’ exemption from required registration with the US Securities and Exchange Commission under the Dodd-Frank Act of 2010.
Indeed the NVCA campaigned hard for the exemption, and in November, at the behest of Congress, the SEC provided clarity on what constitutes a venture capital fund. According to the SEC, funds which represent themselves to investors as being venture capital-focused, only deal in growth equity, provide a “significant degree of managerial assistance” or control over portfolio companies and do not offer redemption rights will be considered venture capital.
“Under Paul Maeder’s leadership, we will continue our advocacy efforts with equal zeal and thoughtfulness,” said Mark Heeson, president of NVCA.
Before co-founding Highland Capital Partners, Maeder was a general partner at Charles River Ventures where he concentrated on software investments. Prior to entering venture capital, he held operating positions for six years in technology companies.