Pequot Capital Management Inc. and its venture capital arm Pequot Ventures have announced plans to go their separate ways this summer, as the firm's venture unit's portfolio and partners will
spinout into a new firm rechristened FirstMark Capital LLC on June 30.
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Founded in 1986, Pequot Capital is the New York-based fund run by Arthur J. Samberg that manages the Pequot Family of Funds. The venture arm, Pequot Ventures, was set up in 1998 as technology valuations were headed into the stratosphere, and currently it has almost $2 billion in capital commitments. Four managing directors -- Larry Lenihan, Jerry Poch, Amish Jani and Rick Heitzmann -- will run FirstMark, joined by two venture partners, Larry Wilson and Sterling Phillips.
Among its recent investments are Aveksa Inc., Live Gamer Inc., Clickable Inc. and Copan Systems. The newly independent VC firm says it will invest nationally, but maintain its particular focus on startups in New York City. Although FirstMark might be leaving the nest, chances are it won't be journeying too far out of the sight of its parent -- after all, Pequot will remain its largest limited partner. - George White
See press release
See story about Live Gamer from TheDeal.com
See story about Copan from TheDeal.com
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