Millennium Launches Fourth Fund

The PIPEs Report
Volume IV, No. 9

New York, New York May 15 2006 -- Millennium Technology Value Partners announced on May 9th the closing of its latest private equity fund. TVP, with $130 million in committed capital, will be a crossover fund, investing in high growth opportunities in both public and private companies.

According to Millennium’s Managing Partner Dan Burstein, the fund will take a very broad view of what constitutes a technology company. “To us technology includes not only traditional IT technology, but health care technologies, biotechnologies, medical devices, new energy technologies, new waste recycling technologies, new materials. So, technology written very large.”

Millennium is traditionally a venture capital investor but PIPEs will be an active focus for this new fund. TVP will retain a venture-like investment style. “We represent patient long term venture capital mentality…active, hands-on, helping a growth company achieve its goals. The PIPEs we will invest in are ones in which our skills in working on growth companies are applicable from the private company world to the public company world.”

The fund also has the ability to make larger investments. “Many of our investors are interested in co-investment. We represent more potential capital than our $130 million would indicate,” Burstein said. The fund realized a positive return on its first investment last fall, assisting in the sale of First Virtual Communications to RADVISION.