Washington DC – March 1, 2000 -The $160 million fund will target investments in small-cap growth companies and early-stage technology companies, primarily in the Mid-Atlantic region.
The fund will focus on information technology and technology-impacted companies, media and communications companies and business services providers. Initial investments will typically be in the $1-10 million range.
The fund’s partners, Jonathan Silver and William Dunbar, have, between them, over twenty-five years of investment experience acquiring, financing and managing privately-held growth companies.
Silver was, most recently, Counselor or Senior Advisor to the U.S. Secretaries of Commerce, Interior and Treasury. Earlier, he was a Managing Director and the Chief Operating Officer of Tiger Management, one of the nation’s largest and most successful hedge funds, and President of Commonwealth Holdings, Inc., a private equity partnership with interests in finance, health and wellness and business services. He has held senior operating roles in several well-known media companies and began his career at McKinsey and Company, a business consulting firm.
Dunbar was CEO and founder of Pebble Hill Capital, a private equity firm that financed such early-stage technology companies as WebMethods, a B2B software company that recently completed one of the country’s most successful IPO’s. Previously he was President of Allied Capital Corporation II, a publicly-traded $100 million private equity firm, and Chief Investment Officer of Allied Capital Advisers, a $700 million family of investment companies. While he was President, Allied II acquired or financed forty-six small and mid-cap growth companies. Dunbar began his private equity career at Venture America, a Mid-Atlantic venture capital firm, where he worked on the early-stage financing of such companies as Discovery Communications and Digene.
The fund’s limited partners represent an impressive cross-section of the nation’s leading financial institutions and most experienced investors. Institutional funding sources include Citigroup, the Travelers Insurance Company, the Standard Fire Insurance Company, Mercantile Bank and United Bank. Individual limiteds include Sandy Robertson, former Chairman of Robertson Stephens; Frank Newman, former Chairman of Bankers Trust; P.C. Chatterjee of Winston Partners and the Soros Group; David Shaw, Chairman of hedge fund D.E. Shaw; David De Leeuw, Managing Director of McCown De Leeuw; Robert Machinist, head of Capital Markets for the Bank of New York; Lou Ricciardelli, past President of County NatWest Bank; Raj Singh, Board of Directors of Teligent, Chairman of Telcom Ventures and co-founder of LCC International; Rod Armstrong, former Chairman of bank software company Peerless Group; David O’Connor, former Vice-Chairman of Honor Technologies, Inc., a leading electronic banking network and many others.
The new fund’s Advisory Board includes David De Leeuw and P. C. Chatterjee as well as Gordon Macklin, former chairman of Hambricht and Quist and past President of the National Associates of Securities Dealers (NASD) and Federico Pena, former Secretary of Transportation & Energy and currently a Partner at Vestar Capital.