Private Equity
Softbank Capital has quietly raised $100 million for a new fund, which will focus on early-stage investments in the social computing space. The entire capital commitment came from Tokyo-based namesake Softbank. This is different from Softbank Capital's prior fund, a $230 million pool in which Softbank was joined by several other limited partners. That fund is now fully-committed, although there is still dry powder for follow-on investments. I last reported on Softbank Capital in June 2009, when co-managing partner Eric Hippeau left to become CEO of portfolio company HuffingtonPost. At the time, remaining managing partner Ron Fisher said that the firm
2 min read · 29 April 2010
1 min read · 29 April 2010
I recently ran across a regulatory filing from HealthCare Ventures, which has been making early-stage and growth-stage deals since 1985. It suggests that the firm is targeting upwards of $250 million for its ninth fund, which would be a step down from the nearly $380 million raised for Fund VIII in 2005. More interesting than what's included in the filing, however, is what's missing. Namely, managing directors James Cavanaugh and Hal Werner. Both were listed as principals in a Fund VIII filing, but not this time around. They also happen to be HealthCare Ventures' only investment pros in Princeton, N.J., while the rest are based in Cambridge, Mass. (the new filing lists the Cambridge address, whereas past ones list Princeton).
1 min read · 28 April 2010
Eleven years after swinging open its doors, San Francisco-based Blueprint Ventures is officially winding down. It will not make any new investments, although its partners will continue to manage existing portfolio companies (albeit as a part-time job). "The firm had a fantastic run,” says co-founder Bart Schachter. Pointing to broader trends at play, he adds that “early-stage venture, as an asset class, has suffered, and unfortunately many LPs no longer think about relative returns but absolute returns.” Blueprint, which focused on IP spinouts, is among dozens of other venture firms that raised their most recent funds during the dotcom days and failed to attract sufficient LP interest to assemble newer vehicles.
2 min read · 22 April 2010
1 min read · 19 April 2010
Greycroft Partners today announced that it has closed its second fund with just over $130 million in capital commitments. This is the early-stage VC firm launched several years back by Alan Patricof, with a focus on digital media. A few quick notes (since I'm writing from 30k feet on my way from Boston to San Francisco): 1. Patricof has promised LPs that Greycroft will never raise more than $150 million for a fund. Ever. 2. That said, this vehicle is much larger than Greycroft’s debut effort, which originally closed on $50 million before later expanding to $75 million. The idea for the larger fund is to do more deals, rather than to do larger deals. 3. Greycroft is in the process of hiring a new partner for its Los Angeles office, but has not yet decided between a couple of finalists for the job. The firm also has promoted principal Ian Sigalow to partner.
1 min read · 14 April 2010
Greycroft Partners has closed its second fund with $130.7 million in capital commitments. Its debut fund was capped at $75 million. The firm also announced the promotion of Ian Sigalow from principal to partner,
2 min read · 14 April 2010
1 min read · 13 April 2010
Rembrandt Venture Partners has closed its second fund with $160.5 million in capital commitments. The Menlo Park, Calif.-based firm focuses on early-stage technology opportunities.
2 min read · 13 April 2010
1 min read · 07 April 2010
