RealTime IT News

Investcorp, (212) Ventures Partner for Internet Investing

Global investment group Investcorp and start-up (212) Ventures Inc. established a partnership to invest in the Internet infrastructure, services and wireless sectors.

The firms are launching a new venture capital fund, the Investcorp/(212) Ventures Technology Fund I, with an initial $100 million commitment by Investcorp.

The partners plan to limit the size of the new fund to $200 million, and expect to raise the remaining capital from institutional and certain other investors with close ties to Investcorp and to the (212) Ventures partners.

The new fund will be managed by (212) Ventures, whose principals are former Prodigy Services President and CEO Ed Bennett, James Altucher, Alex Guira and Mark Kennelley, with active involvement from Investcorp's New York-based investment team. Investcorp will be represented on the new fund's Investment Committee by Savio Tung, Christopher Stadler and Mamoun Askari.

Investcorp, which has completed investments valued in excess of $16 billion and which currently has 20 investments in the U.S., said the partnership with (212) Ventures represents one of the first steps in what is a global technology and telecommunications initiative.

Over the past 18 months, Investcorp has made a series of investments in these sectors, including investments in Stratus Computer and Independent Wireless One, a Sprint PCS affiliate providing digital wireless services in the northeastern U.S.