Reuters confirms Greenhouse to go independent

As reported on PEO earlier this week, Reuters today confirmed that the management of the Greenhouse Fund is to be transferred to RVC, a newly-formed and independent fund management company.

The key management of the Fund will be joining RVC. Both John Tayson, the founder of the Greenhouse Fund, and David Lockwood, the co-Chief Executive along with 17 of their colleagues will be leaving Reuters to go to the new company.

The new structure will allow RVC to develop a much larger venture capital business. The company will continue to manage the Reuters Greenhouse portfolio while also raise new funds from outside investors. The focus of the new fund will continue to be in information technology. Reuters will invest in the first new fund planned by RVC and will have an option to participate in other funds.

Peter Job, Reuters Chief Executive commented “We are confident that the Fund can continue to demonstrate its ability to pick winners for us as investments mature over the next two or three years. It is now time to give John, David and their team the independence and scope to find other sources of finance to expand a financially rewarding method of funding innovation.'

Reuters Greenhouse Fund has invested $443 million in 83 private companies and 14 venture funds since its inception in 1995. Seventeen of the companies have had Initial Public Offerings and a further seven have undergone trade sales. The Fund has raised $326 million in cash from these transactions, of which $51 million relates to the second quarter 2001.