Pequot To Spin Off Venture Capital Arm

Mar 5 2008 | 1:00am ET

Hedge fund Pequot Capital Management is spinning off its venture capital unit.

New York-based Pequot Ventures, which has about $2 billion in capital commitments and $1 billion in capital under management and uncalled capital, will separate from Connecticut-based Pequot Capital, which manages more than $7 billion, on June 30. The new firm will drop the Pequot name, adopting the nom de venture FirstMark Capital.

“Our venture business has been functioning as an autonomous entity for some time and this separation in the next logical step for both Pequot Capital and Pequot Ventures’ successful yet distinct business,” Larry Lenihan, co-head of Pequot Ventures, said. “As a separate entity, we will be better positioned to pursue our investment agenda and develop new opportunities unique to our business.”

Pequot Ventures, founded 11 years ago, focuses on companies with novel business or operational models. In addition to Lenihan, FirstMark will be led by current managing directors Jerry Poch, Amish Jani and Rick Heitztmann, along with venture partners Larry Wilson and Sterling Phillips.

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