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."