RTRS--Millennium closes 4th fund at $130 million, above goal

NEW YORK, May 5 (Reuters) - Millennium Technology Venture Partners LP, a private equity firm that focuses on distressed technology assets, on Friday said it raised $130 million for its fourth fund, exceeding its $100 million target.

New York-based Millennium, which has completed more than 40 transactions worth some $500 million in the last three years, invests in debt, equity or myriad other means to build value and ultimately sell assets on behalf of investors, the company said.

Sam Schwerin, managing partner, said the firm generates high returns by assuming assets that technology companies or other investors, such as hedge funds and mutual funds, need to sell for various reasons.

It has purchased assets from hedge fund Bowman Capital, as well as Alliance Capital Management (now AllianceBernstein), Dreyfus Corp., OppenheimerFunds and others, he said.

The firm, which says it "seeks to blend the best of venture capital and value investing," has already invested in companies including Tellme Networks Inc., Airvana Inc., Wayport Inc. and others.