VC Firm to Expand PIPE Investments

New York-based Millennium Technology Ventures is reviewing the private investments in public entity (PIPE) market after prior investments in PIPEs paid off for one of its funds. The Millennium Technology Value Partners fund may deploy 10% of its capital in PIPEs over time, according to Daniel Burstein, managing partner.

Burstein said the fund is looking to participate in capital raises that will transform a company’s business plans as a result of PIPE transactions.

The fund, which recently had its final closing, invests in direct secondary acquisitions of private equity securities, restructurings, recapitalizations, corporate spinoffs, leveraged buyouts and a variety of special situations (AIN, 5/29).

The firm’s previous Millennium Technology Ventures fund had successful PIPE investments in Internap Network Services Corp. and Indus International.