NEW YORK: Pequot Capital Management, Inc. and Pequot Ventures, the New York City-based venture capital arm of Pequot Capital, today announced that they have decided to separate their businesses, effective June 30, 2008. As part of the separation, the investment principals of Pequot Ventures will form a new firm, FirstMark Capital, L.L.C. FirstMark will assume the investment management operations of Pequot Ventures and, with investor approval, will take on full responsibility for the assets currently under the management of Pequot Ventures.
“Our venture business has been functioning as an autonomous entity for some time and this separation is the next logical step for both Pequot Capital and Pequot Ventures’ successful yet distinct businesses,” said Larry Lenihan, Managing Director and co-head of Pequot Ventures. “As a separate entity, we will be better positioned to pursue our investment agenda and develop new opportunities unique to our business.”
Over the course of its 11 year history, Pequot Ventures has become a leading New York City venture capital firm with a national reach. Pequot Ventures focuses on companies with a novel business or operational model that are creating new markets or changing existing industries. A critical element of its investment strategy is that Pequot Ventures is the first institutional investor in the vast majority of its investments, enabling closer involvement with portfolio companies and more significant potential upside for limited partners.
“We are very excited for this new phase of our business and enter it with tremendous momentum: in the last 18 months we closed our seventh fund, completed eight successful exits and made twelve investments, including five in New York City-based companies,” said Jerry Poch, Managing Director and co-head of Pequot Ventures. “We remain fully committed to cultivating energetic, high impact partnerships with our portfolio companies that extend beyond the boardroom, bringing extensive operational knowledge, financial savvy, and crucial business connections.”
FirstMark’s four managing directors – Larry Lenihan, Jerry Poch, Amish Jani and Rick Heitzmann – have worked at Pequot Ventures for more than seven years. Two venture partners, Larry Wilson and Sterling Phillips, will contribute additional operational depth to a staff of 12 investment professionals, supported by a strong team of operations professionals.
About Pequot Capital Management
Pequot Capital Management, Inc. is a multi-billion dollar U.S. registered investment adviser founded in 1998 by Arthur J. Samberg, Chairman and Chief Executive Officer, to manage the Pequot Family of Funds, which began investing in 1986. With offices in Connecticut, New York, California and London, Pequot offers a diverse range of investment products tailored to the needs of domestic and offshore investors, with an institutional quality infrastructure and an extensive proprietary research platform. For more information, visit www.pequotcap.com
About Pequot Ventures
Pequot Ventures, the New York City-based venture capital arm of Pequot Capital with nearly $2.0 billion in capital commitments and approximately $1.0 billion in capital under management and uncalled capital, is focused on today’s most dynamic and innovative technology companies. For more than a decade, Pequot Ventures has partnered with talented entrepreneurs and experienced managers to build market-leading companies. Pequot Ventures brings energy, insight and substantial sector expertise to its portfolio companies to create competitive, sustainable businesses and long-term value. For more information, visit www.pequotventures.com "
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