Tuesday, January 30, 2007

RED HERRING | Piper Jaffray Raises Cleantech Fund

" Piper Jaffray said Monday it has closed a $60-million fund of venture-capital cleantech funds for institutional investors, another sign of maturity for an industry previously on the investment fringe.

The investment bank put the money into cleantech funds at Draper Fisher Jurvetson, VantagePoint Venture Partners, and Nth Power, among others, and says it has a “commitment pending” at Technology Partners, said Scott Barrington, director of private equity at Piper Jaffray.

The Piper Jaffray fund is one of the first handful of so-called “funds of funds” in cleantech, joining banks such as Robeco, Goldman Sachs, and the Credit Suisse Group. Funds of funds allow institutional investors to diversify by investing in a portfolio of cleantech funds, each containing their own portfolios of cleantech companies.

The Piper Jaffray fund represents market recognition that cleantech is becoming mainstream, said David Lincoln, a founder and managing partner for DFJ Element, Draper Fisher Jurvetson’s cleantech fund. "

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