Friday, 30 January 2015
Last updated 2 hours ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…