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.
