JPMorgan spin-out Panorama has promoted principal Michael Jung to partner shortly after closing its first independent fund.
Jung will continue to focus on internet, media and services investing at the technology- and life sciences-focused venture firm.
Jung joined the investment team in 2003 when Panorama was the captive venture arm of JPMorgan. The group spun out to become Panorama in late 2005. His earlier positions include vice president of corporate strategy and development at enterprise software company Exigen Group and vice president of strategic corporate development at online search site Ask Jeeves.
San Francisco, California-based Panorama closed its first independent fund on $240 million in late August. The fund primarily targets early- to mid-stage North American investments, with between 10 percent and 15 percent of the fund deployed abroad. The firm aims to invest between $6 million and $8 million over the life of a company.
Panorama, which still manages JPMorgan's venture business, began shopping for its own limited partners shortly after the spin-out, and held a first close in April 2007 on an undisclosed amount.