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PRINT THIS PAGE Pequot Ventures to become independent from Pequot Capital05/03/2008. Source: AltAssets.
Pequot Ventures, the New York City-based venture capital arm of hedge fund Pequot Capital Management, plans to become independent from Pequot Capital. The firm will rename itself FirstMark Capital. The deal still requires investor approval. 'Our venture business has been functioning as an autonomous entity for some time and this separation is the next logical step for both Pequot Capital and Pequot Ventures' successful yet distinct businesses,' said Larry Lenihan, managing director and co-head of Pequot Ventures. 'As a separate entity, we will be better positioned to pursue our investment agenda and develop new opportunities unique to our business.'
Jerry Poch, managing director and co-head of Pequot Ventures, said, 'We are very excited for this new phase of our business and enter it with tremendous momentum: in the last 18 months we closed our seventh fund, completed eight successful exits and made 12 investments, including five in New York City-based companies.'
Pequot Ventures focuses on investments in US technology companies.
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