Pequot Capital Management’s venture capital division wants to be a part of it—and only it: New York, New York.
Lawrence Lenihan, managing general partner of PequotVentures, said his group has closed its Northern California office and now operates exclusively out of its New York office. The native New Yorker praised promising media and finance opportunities in the Big Apple—and the relative lack of competition from other VC funds—compared to Silicon Valley, where Lenihan said Pequot was often forced to compete on price.
He also plugged his hometown as a better VC town than the East Coast’s reigning venture capital capital, Boston.
“If you look at the deal flow and you look at the amount of companies that are being built, I think there’s been a noticeable slowdown in technology innovation in the Route 128 corridor,” Lenihan told the Reuters Hedge Fund and Private Equity Summit.