Insider Guide Careers in Venture Capital PHẦN 5 pptx

New Enterprise Associates 2490 Sand Hill Road 1119 St. Paul Street Menlo Park, CA 94025 Baltimore, MD 21202 Phone: 650-854-9499 Phone: 410-244-0115 Fax: 650-854-9397 Fax: 410-752-7721 One Freedom Square 11951 Freedom Drive, Suite 1240 Reston, VA 20190 Phone: 703-709-9499 Fax: 703-834-7579 www.nea.com Overview Founded in 1978, New Enterprise Associates (NEA) has established itself as a major player in health care/life sciences and information technology. Some 135 NEA companies have gone public, and 150 have been successfully acquired. The firm counts among its success stories multimedia software vendor Macromedia, workstation manufacturer Silicon Graphics, Internet service provider UUNet, Juniper Networks, Ascend Communications, and TiVo. In September 2000, NEA closed its tenth fund at $2.32 billion, the largest early- stage investment fund ever raised. NEA X invests primarily in technology start- ups. In 2004, it raised a $1.1 billion fund, bucking a trend toward smaller funds. Portfolio companies include Boingo Wireless, Salesforce.com, and Virtela Communications. 59 The Firms Key Facts • Prefers to invest in early-stage companies. • Unlike many VC firms, NEA has been known to give associates who have spent a few years at the firm 15 to 20 percent of a partner’s share of the proceeds from a deal. • Typically invests in 20 to 30 companies per year; has 500 companies in its portfolio, 140 of which are public and 150 of which were successfully acquired. • Two partners from New Enterprise Associates made the Forbes 2004 Midas List of top tech VC investors: Peter Morris (25) and Frank Bonsal (54). Key Financial Statistics Capital under management: $6 billion Minimum investment: less than $200,000 Preferred investment: more than $200,000 to $20 million Personnel Number of professionals: 26 partners, four principals, one general counsel, one chief financial officer, and one Kauffman fellow 60 The Firms Norwest Venture Partners 525 University Avenue, Suite 800 Palo Alto, CA 94301 Phone: 650-321-8000 Fax: 650-321-8010 www.norwestvc.com Overview Since its inception in 1961, Norwest Venture Partners has raised more than $1.4 billion for more than 300 companies. The Wells Fargo affiliate’s successes include Brocade Communications, Siara Systems, and PeopleSoft. In 2000, the firm launched a $315 million fund, Venture Partners VIII, followed by a $400 million fund in 2001. Its total venture investments in 2002 were $107 million, including $49 million in new investments and 19 follow-on investments totaling $58 million. (It had not released 2003 results at time of print.) Key Facts • Focuses on seed and early-stage investments in enterprise software and communications. • Three NVP companies were acquired in 2003: Spinnaker Networks, Documentum, and Tradec. • Two partners from Norwest made the Forbes 2004 Midas List of top tech VC investors, including the number-one tech VC investor of the year: Promod Haque (1) and George Still (91). Key Financial Statistics Capital under management: $1.8 billion Minimum investment: $3 million Preferred investment: $10 million to $15 million 61 The Firms Personnel Number of professionals: two managing partners, five venture partners, two principals, one administrative partner and CFO 62 The Firms Oak Investment Partners 525 University Avenue, Suite 1300 One Gorham Island Palo Alto, CA 94301 Westport, CT 06880 Phone: 650-614-3700 Phone: 203-226-8346 Fax: 650-328-6345 Fax: 203-227-0372 4550 Wells Fargo Center 90 South Seventh Street Minneapolis, MN 55402 Phone: 612-339-9322 Fax: 612-337-8017 www.oakinv.com Overview Oak Investment Partners has invested in more than 350 companies since it was founded in 1978. The firm started investing when integrated-circuit and office- automation technologies were hot, taking stakes in companies such as Parametric, Synopsis, Compaq, and Seagate. In the 1980s, the firm invested in Genzyme, ViroPharma, Office Depot, and PetSmart. Portfolio companies include Baja Fresh Mexican Grill, Exodus Communications, Filene’s Basement, Genzyme, Inktomi, and Qpass. Key Facts • Invests in enterprise software, communications equipment and services, data storage, financial services technology, outsourced services, health-care services, and retail companies at all stages. • Oak has a network of 250 affiliates, including entrepreneurs and technical and industry experts. • Two partners from Oak Investment Partners made the Forbes 2004 Midas List of top tech VC investors: Ed Glassmeyer (96) and Frederic Harman (100). 63 The Firms Key Financial Statistics Capital under management: $5.8 billion Minimum investment: not available Preferred investment: $10 million to $60 million, depending on stage Personnel Number of professionals: six general partners, one technology partner, one COO/ CFO, five investment professionals, four venture partners, and eight advisors 64 The Firms Redpoint Ventures 3000 Sand Hill Road 11150 Santa Monica Boulevard, Suite 1200 Bldg. 2, Suite 290 Los Angeles, CA 90025 Menlo Park, CA 94025 Phone: 310-477-7678 Phone: 650-926-5600 Fax: 310-312-1868 Fax: 650-854-5762 www.redpoint.com Overview Though Redpoint Ventures is among the newer VC firms on the block, its founders are anything but inexperienced. Redpoint was started in 1999 by three partners (including industry heavy hitters John Walecka and Geoff Yang) from two of VC’s most respected firms: Institutional Venture Partners and Brentwood Venture Capital. This was an important merger of the Internet infrastructure departments of two firms that between them backed 30 of the 1990s’ top 50 infrastructure deals, such Netflix, Juniper, and Avici. Rather than investing in companies that develop niche products that can be sold to Intel or Cisco, Redpoint seeks the next blockbuster start-ups. Portfolio companies include BigBand, Danger, Metatv, Movaris, and Polaris Networks. With its first fund, Redpoint invested in 38 companies. Portfolio companies completed 25 IPOs or acquisitions in 1999, and 14 more did so by August of 2000. In August 2000, the firm raised Redpoint II, a total of $1.25 billion, to invest in broadband technology. The slowdown in the market, however, led Redpoint to reduce its fund to $312.5 million in 2002 and again in 2003 to $187.5 million. 65 The Firms Key Facts • Invests in early-stage communications infrastructure, enterprise and infrastructure software, storage, and mobile and wireless companies. • Two partners from Redpoint Ventures made the Forbes 2004 Midas List of top tech VC investors: founding partners Geoff Yang (12) and John Walecka (69). • In 2003, Alcatel announced its intent to purchase TiMetra, and Tellabs announced plans to acquire Vivace Networks; Redpoint funded both targets. Key Financial Statistics Capital under management: not available Minimum investment: $100,000 Preferred investment: $100,000 to $20 million Personnel Number of professionals: eight partners and one principal 66 The Firms Sequoia Capital 3000 Sand Hill Road 50 Ramat-Yam Street Bldg. 4, Suite 280 Okeanos Hotel, Herzelia Menlo Park, CA 94025 Israel 46851 Phone: 650-854-3927 Phone: 972-9-957-9440 Fax: 650-854-2977 Fax: 972-9-957-9443 www.sequoiacap.com Overview Founded in 1971 by Don Valentine, one of the fathers of VC, Sequoia established itself by backing Apple Computer, Cisco Systems, and Oracle. Partner Michael Moritz raised the profile of the firm by backing Yahoo, which used Sequoia’s offices as its original headquarters. Having financed more than 350 companies, including Google, MP3.com, and PayPal, Sequoia is one of the Sand Hill Road mainstays. Along with Matrix and Kleiner, it is one of three firms that produced two funds boasting an internal rate of return in excess of 100 percent—its 1992 fund returned 110 percent and its 1995 fund, earned 175 percent, according to information released by the University of Michigan. (The firm’s 1999 fund did poorly, with a –11 percent internal rate of return in early 2003 thanks to investments in eToys, Scient, and Webvan.) In 2003, Sequoia was the first veteran VC firm to raise a fund since the tech bust, with the $385 million Sequoia XI fund. In 2003, Sequoia Capital made news by barring the University of Michigan and University of California from future investments in its funds because they’d be open to public scrutiny. Key Facts • Invests in components, systems, software, and services companies at all stages. 67 The Firms • In 2003, Sequoia cut the amount of its initial investment and reduced the number of start-ups it funds. • Five partners from Sequoia Capital made the Forbes 2004 Midas List of top tech VC investors: Michael Goguen (14), Michael Moritz (32), Douglas Leone (40), Pierre Lamond (49), and Mark Stevens (79). • Sequoia keeps 30 percent of a fund’s profits, the most in the industry. Key Financial Statistics Capital under management: not available Minimum investment: $50,000 Preferred investment: $50,000 to $10 million Personnel Number of professionals: 17 partners and five directors 68 The Firms [...]...Sutter Hill Ventures 755 Page Mill Road, Suite A-200 Palo Alto, CA 94304 Phone: 650 -493 -56 00 Fax: 650 - 858 -1 854 www.shv.com Overview Sutter Hill brings a dignified presence to Silicon Valley venture capital, having invested in more than 250 companies since 1962 Though Sutter Hill likes early- The Firms stage start-ups, it takes a decidedly conservative approach to investing The firm took only... public in 1999 and 2000, when the rest of the industry was IPO crazed The firm’s partners have engineering backgrounds and significant industry experience Sutter Hill’s 2004 investments include Threshold Pharma, Palm, and BroadVision Key Facts • Paul Wythes, founding partner of Sutter Hill, received the Venture Capital Association’s Lifetime Achievement Award in 2003 • Three partners from Sutter Hill Ventures... stages Industry focus: consumer/retail, health care, telecommunications, information technology, services Advanced Technology Ventures 4 85 Ramona Street Palo Alto, CA 94301 Phone: 650 -321-8601 Fax: 650 -321-0934 www.atvcapital.com Locations: Silicon Valley; Waltham, MA Stage: early Industry focus: information technology, health care, communications, software services 70 Advent International Corporation 75. .. Midas List of top tech VC investors: Tench Coxe (19), Bill Younger (57 ), and James Gaither (80) Key Financial Statistics Not available Personnel Number of professionals: eight managing directors, one venture partner, one special limited partner, and one CFO 69 Firm Thumbnails Apax Partners, Inc 4 45 Park Avenue, 11th Floor New York, NY 10022 Phone: 212- 753 -6300 Fax: 212-319-6 155 The Firms www.apax.com... State Street Boston, MA 02109 Phone: 617- 951 -9400 Fax: 617- 951 - 056 6 www.adventinternational.com Locations: Boston, Silicon Valley, Europe, Mexico, Asia Pacific, South America Stage: all stages The Firms Industry focus: considers all industries, business services BancBoston Ventures 1 75 Federal Street, 10th Floor Boston, MA 02110 Phone: 617-434-2442 Fax: 617-434-61 75 www.bancboscap.com Locations: Boston,... early, late Industry focus: software, enterprise infrastructure, storage, communications, security, wireless, semiconductors, advanced optics, Internet 72 Crescendo Ventures 480 Cowper Street, Suite 300 Palo Alto, CA 94301 Phone: 650 -470-1200 Fax: 650 -470-1201 www.crescendoventures.com Locations: Silicon Valley, Minneapolis, London Stage: early The Firms Industry focus: communications, enterprise infrastructure... London, Latin America Stage: early, late Industry focus: technology, media, communications, health care 71 CMGI @Ventures 100 Brickstone Square Andover, MA 01810 Phone: 978-684-3600 www.ventures.com Locations: Andover, MA; Silicon Valley Stage: early Industry focus: clean energy technologies, enterprise software, information The Firms technology, Internet, security Clearstone Venture Partners LLC 1 351 4th... enterprise infrastructure Draper Fisher Jurvetson 2882 Sand Hill Road, Suite 150 Menlo Park, CA 940 25 Phone: 650 -233-9000 Fax: 650 -233-9233 www.drapervc.com Locations: Silicon Valley Stage: seed, early Industry focus: new technologies, Internet and intranet applications and infrastructure, software, communications and networking, semiconductors, nanotechnology, MEMS, knowledge management, electronic . of $1. 25 billion, to invest in broadband technology. The slowdown in the market, however, led Redpoint to reduce its fund to $312 .5 million in 2002 and again in 2003 to $187 .5 million. 65 The. Hill Ventures 755 Page Mill Road, Suite A-200 Palo Alto, CA 94304 Phone: 650 -493 -56 00 Fax: 650 - 858 -1 854 www.shv.com Overview Sutter Hill brings a dignified presence to Silicon Valley venture capital, . 290 Los Angeles, CA 900 25 Menlo Park, CA 940 25 Phone: 310-477-7678 Phone: 650 -926 -56 00 Fax: 310-312-1868 Fax: 650 - 854 -57 62 www.redpoint.com Overview Though Redpoint Ventures is among the newer