Founded in 1969 by Alan Patricof, Patricof & Co. Ventures (together with its international affiliates, Apax Partners) manages over $5.5 billion. The company has a respected investment history, including a role in the development of ventures such as Apple Computer. In 1998, Bank of New York acquired the firm's investment banking affiliate, Patricof & Co. Capital Corporation.
Patricof & Co. describes itself as an " active investor" and often invests as a sole or lead investor. The company posts an impressive list of institutional investors as limited partners, including several state pension funds, J.P. Morgan Investment Management, and the University of Chicago. With nearly 30 years of venture capital experience, the company is extemely focused in its investment strategy - both in the industries it invests in and the type of transactions it structures.
Focused investment strategy
The company's investments are structured through several types of transactions including financing of start-up and early stage growth companies, recapitalizations, management buyouts, industry consolidations and off-balance sheet financings. The company typically holds an investment for a period of three to seven years; a typical investment ranges from $5 million to $25 million. The company also seeks companies with strong management, a proprietary product or service, or a strong market position. Eight ventures backed by Patricof & Co. executed initial public offerings in the third quarter of 1999 alone.
The company focuses on the following seven industries: consumer and retailing (such as Office Depot and the Sunglass Hut Corporation), health care (such as Centocor, Inc.), industrial goods and services (such as Bolder Technologies), information technology (such as Bluestone Software and On Technology), Internet services (such as Medscape and garden.com), services (such Medical Arts Press), and telecommunications (such as PNV.net).
Ranked as one of the 10 largest IPO investors for the first half of 1999, Patricof & Co. boasts a sizable employee roster (by VC standards) including 13 managing directors and principals, 10 investment professionals, and 6 consultants. Founder Alan J. Patricof currently serves as Chairman of Patricof & Co. Ventures and is extremely active in the venture capital and small business community. In 1995, he acted as Chair of the White House Conference on Small Business Commission. In 1992, he served as Chairman of Entrepreneurs for Clinton/Gore. Patricof & Co. named Patricia Cloherty the company's president in 1993, the first woman to head a major VC firm. She currently serves as a consultant for the firm.
"We're going through a very strange period. I'd almost say we're in the Wild Wooly West."; - Alan Patricof; Chairman; Patricof & Co. Ventures*
Areas of Investment; Consumer/Retailing; Healthcare; Industrial Goods and Services; Information Technology; Internet Services; Services; Telecommunications
Portfolio Includes; Atcom; Bluestone Software; Bolder Technologies; garden.com; H.R. Logic; Icarian; Johnny Rockets; Medical Arts Press; Medscape; PNV.net
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