Woodside IV Nears $125 Million

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"Woodside IV Nears $125 Million"
March 1, 2000

Based on an interview with Woodside Fund managing director Vincent Occhipinti and principal Daniel Ahn, this article reports on the strong fundraising progress and investment strategy of Woodside Fund IV.

At the time of the interview the Fund had exceeded its $125 million target. The Fund had more than surpassed its $100 million target only three months after its launch in September 1999. Woodside Fund increased the size of the fund to accommodate its limited partners, according to Daniel Ahn, principal. Managing director Vincent Occhipinti explained that many LPs increased their commitments to the Fund three to four times.

The Fund will invest in 20 - 25 early-stage Internet, e-commerce, computer software, telecommunications and networking companies mainly on the West Coast, with individual investments ranging from $4 million to $8 million over several rounds of financing. The Fund is expected to hold a final close in the first quarter of 2000.

Woodside Fund III, which closed in 1995 with $41 million, is completely invested in 21 companies, Woodside typically acts as the lead investor and prefers to co-invest. Portfolio companies include Brightware Inc., an e-customer and e-mail assistance software provider, and HotRail Inc., a provider of switched fabric solutions for symmetrical multiprocessing.

Woodside's limited partners include pension funds, endowments and strategic individuals, such as entrepreneurs and industry executives who can add value to portfolio companies.

The members of the investment team were identified as: Vincent Occhipinti, Robert Larson and Charles Greb, the firm's three managing directors, Daniel Ahn and Analyst Matthew Bolton.

Ahn was recently named principal of Woodside Fund and focuses on business-to-business e-commerce and infrastructure companies. Ahn has been with the firm since January 1999 as an associate consultant. Previous positions included: associate at Forester Management Co., and co-founder and president of technology startup Endpoint Technologies Inc.

The reporter recounts that Woodside refers to itself as a "builder of companies" because the members of its investment team all have prior experience as entrepreneurs. Occhipinti explained that the firm often tell entrepreneurs seeking capital that "there hasn't been a mistake we haven't seen or caused."