Launched in 1988, TL Ventures now manages more than $750 million in investment capital, all distributed through five private equity (venture investing) funds: Radnor, TLI, TLII, TLIII, and TLIV. To get a sense of the firm's growth, consider the firm's first fund, Radnor, which was launched in 1988 with $33 million. Nine years later, the firm introduced its fourth fund, TL III, which was quickly oversubscribed. Investors poured in $285 million, and the firm closed the fund just five months after its launch. Outside investors include university trusts, municipal retirement funds and large banks.

Investment strategy: early stage, all over the map

Since its inception, has invested in over 100 companies. TL Ventures primarily invests in early stage companies, and tends to focus its investments in companies located in California, Texas and the northeastern United States. The portfolio has five principal areas: software, Internet, IT services, communications and life sciences. All told, more than 30 TL Ventures investments have gone public or been acquired.

Portfolio notables

TL Venture's software portfolio includes investments in Blaze Software, NxTrend Technology, Inc. and USDATA Corp. TL's Internet investments include hire.com, NotHarvard.com, Participate.com, Inc. and utility.com. Benchmarking Partners and Naviant are part of the IT services portfolio. Communications companies include Eclipse International and RadioLAN. Finally, TL's life sciences interests include Adolor Corp., Assurance Medical, Inc. and OraPharm, Inc.

Managing general partners: the doctor is in