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News and Information Article
NEW YORK, May 9 // -- Millennium Technology Value Partners,
L.P. (TVP), announced today that it has closed its latest fund with
approximately $130 million in committed capital, significantly above the
funds initial target of $100 million. TVP, the fourth fund in the
Millennium family of private equity funds, is dedicated to the firms
value-centric investment thesis, which seeks to blend the best of venture
capital and value investing styles in a wide range of transaction formats.
These include direct secondary acquisitions of private equity securities,
restructurings and recapitalizations, corporate spinoffs, leveraged
buyouts, public market PIPEs, going private transactions and a variety of
special situations.
At the core of the TVP fund is its special focus (and demonstrated
track record) in providing liquidity to holders of venture capital-type
assets, a marketplace that has historically lacked an efficient source of
liquidity. Over the past four years, TVP and its predecessor funds have
provided liquidity and other portfolio management solutions to
corporations, hedge funds, mutual funds, venture capital funds, bankruptcy
process constituents, angel investors, founders, and senior management
teams. In aggregate, TVP and its predecessor funds have been involved in
transactions representing approximately $500 million of invested capital.
The TVP portfolio has already begun to take shape through investments
in a group of leading technology companies that includes Tellme Networks,
Inc.; Airvana, Inc.; Wayport, Inc.; Vendare Media Corporation; Questia
Media, Inc.; Multiplex, Inc.; and Axsun Technologies, Inc. The weighted
average TVP portfolio company now has in excess of $100 million of revenue,
$20 million of EBITDA and $55 million of cash.
The funds first investment, a Debtor-In-Possession facility that
provided liquidity and working capital to First Virtual Communications, a
small publicly-traded company going through the bankruptcy process, was
realized in 2005 through a sale to RADVISION Ltd., yielding a 2x return in
less than two months.
"We are dedicated to creating win-win partnerships in our
transactions, which is why over 60% of our past transaction partners have
returned to complete additional transactions with Millennium," observed
Samuel L. Schwerin, Managing Partner of Millennium. "We have designed the
fund so that we can invest in leading companies through a very wide array
of transaction formats-debt and equity, common and preferred stock, public
and private, individual direct investments, portfolios of assets, limited
partnership interests, intellectual property assets, spin-offs of non-core
operating assets, restructuring and bankruptcy situations, and more. The
common theme in all these situations is our willingness to work with
sellers, asset holders, and existing investors to help them achieve their
liquidity goals, add value, and contribute to the success of the companies
we invest in."
Among Millenniums past transaction partners have been Dell,
Scientific-Atlanta, Bowman Capital, OppenheimerFunds, Alliance Capital
Management, Dreyfus Corp., the Enron bankruptcy, the Exodus Communications
bankruptcy, and the founders or senior managers of a number of leading
private technology companies.
The Millennium team has completed more then 40 value-centric
investments in the past three years. Several of the investments made to
date have already achieved positive realizations. In addition to First
Virtual, these include secondary investments in Dov Pharmaceutical (prior
to the companys Initial Public Offering; Nasdaq: DOVP), Agility
Communications (subsequently sold to JDS Uniphase; Nasdaq: JDSU), Requisite
Technologies (subsequently sold to Click Commerce; Nasdaq: CKCM); and PIPE
(Private Investment in Public Equity) investments in Internap Network
Services (Amex: IIP) and Indus International (Nasdaq: IINT).
"We have made significant strides in building a firm, a fund, and a
team that is capable of finding value where it isnt always apparent, and
helping companies, management teams, and investors realize their strategic
goals," noted Daniel L. Burstein, Managing Partner. "We have attracted an
investor base from among hedge funds, family offices, foundations, and
world-leading private equity and investment firms who share our strategic
desire to create a risk-mitigated, value-added approach to investing in
late stage, new technology and emerging growth companies."
In addition to Managing Partners Sam Schwerin and Dan Burstein, the TVP
professional team includes Max Chee, Principal; Richard Chow,
Vice-President; Dan Borok, Senior Associate; and Michael Minars, Chief
Financial Officer.
For more information about Millennium Technology Value Partners, L.P.,
please visit the website: http://www.mtvlp.com
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