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.
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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
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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
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The Firms
Personnel
Number of professionals: two managing partners, five venture partners, two
principals, one administrative partner and CFO
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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).
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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
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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.
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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
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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.
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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
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The Firms
Sutter Hill Ventures
755 Page Mill Road, Suite A-200
Palo Alto, CA 94304
Phone: 650-493-5600
Fax: 650-858-1854
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-
stage start-ups, it takes a decidedly conservative approach to investing. The firm
took only 12 companies 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 made the Forbes 2004 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
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The Firms
Firm Thumbnails
Apax Partners, Inc.
445 Park Avenue, 11th Floor
New York, NY 10022
Phone: 212-753-6300
Fax: 212-319-6155
www.apax.com
Locations: New York City, Silicon Valley, Europe, Tokyo, Israel
Stage: all stages
Industry focus: consumer/retail, health care, telecommunications, information
technology, services
Advanced Technology Ventures
485 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
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The Firms
Advent International Corporation
75 State Street
Boston, MA 02109
Phone: 617-951-9400
Fax: 617-951-0566
www.adventinternational.com
Locations: Boston, Silicon Valley, Europe, Mexico, Asia Pacific, South America
Stage: all stages
Industry focus: considers all industries, business services
BancBoston Ventures
175 Federal Street, 10th Floor
Boston, MA 02110
Phone: 617-434-2442
Fax: 617-434-6175
www.bancboscap.com
Locations: Boston, Silicon Valley, Hong Kong, London, Latin America
Stage: early, late
Industry focus: technology, media, communications, health care
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The Firms
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
technology, Internet, security
Clearstone Venture Partners LLC
1351 4th Street, 4th Floor
Santa Monica, CA 90401
Phone: 310-460-7900
Fax: 310-460-7901
www.clearstone.com
Locations: Santa Monica, CA; Silicon Valley
Stage: seed, early, late
Industry focus: software, enterprise infrastructure, storage, communications,
security, wireless, semiconductors, advanced optics, Internet
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The Firms
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
Industry focus: communications, enterprise infrastructure
Draper Fisher Jurvetson
2882 Sand Hill Road, Suite 150
Menlo Park, CA 94025

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 design automation
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The Firms