Track Record
Since December
1986 through December 1999, the Fund Managers, while managing
portfolios for Silicon Valley Bank, JAFCO, and Techno-Venture,
have committed to invest $182.8 million in venture equity and
venture debt in 95 companies.
The aggregate net internal rate of return ("IRR")
on realized direct equity investments is 52.83%, consisting
of $543 million
of realized gains through the sale of preferred and common stock.
Over the past five years, over one-half of the direct
equity investments have gone public, including widely recognized
IPO such as CIENA, PSI Net, Novellus Systems, TriQuint Semiconductor,
and Tivoli Systems.
The estimated gross IRR of
venture debt investments is 22.19%, consisting of $17.3 million of realized
principal, interest and fees, $16.8 million of projected remaining payments of
principal and interest, and $2.2 million of realized and unrealized gains
through the sale of warrants. Noteworthy
venture debt investments include AboveNet Communications, Driveway,
Extreme Networks, Kestrel, Infoseek, Redback Networks and 2Wire.
Of the 54 direct equity
investments totaling over $91 million, 31 (or approximately 57%) have been
listed on the U.S. NASDAQ or other exchange.
Equity Performance
31
Listed on NASDAQ or other exchanges
0 Filed S1 and/or S3 on the NASDAQ
11 Acquired profitably
1 Acquired below investment cost
1 Redeemed investment
6 Working toward an IPO and/or merger
4 Filed for liquidation
54 Total
Investments
made by the Fund Managers during their tenure with JAFCO America, Techno-Venture,
and Silicon Valley Bank have been in primarily four target industries:
communications, Internet, software, and semiconductors. The Fund Managers made
investments in the following companies. Each of these investments is
similar to the type contemplated by the Fund.
| Communications |
Software |
Advanced
Fibre Communications
CIENA
Com21
Netrix
Network Express
Teleos Communications
Xtera Communications
GoDigital Communications
Harmonic
Polycom
Telephia
|
Extensity
Tivoli Systems
Gensyn
Metatools
Network Integrity
Unique Mobility
|
| Internet
/ E-Commerce |
Semi-Conductor |
Adknowledge
PSINet
Infoseek
FatBrain.com
GolfClubTrader.com
GetSmart.com
Homestead.com
Springstreet.com
AboveNet Communications |
Commquest
Technologies
Photon Dynamics
MMC Networks
NeoMagic
Nvidia
Opal
Synergy Semiconductor
TriQuint Semiconductor
Novellus |
