Pequot ventures to become FirstMark capital

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New York: Pequot Capital Management and Pequot Ventures, the New York city based venture capital arm of Pequot Capital, have announced that they have decided to separate their businesses, effective from June 30 this year. As part of the separation, the investment principals of Pequot Ventures will form a new firm, FirstMark Capital. FirstMark will assume the investment management operations of Pequot Ventures and, with investor approval, will take on full responsibility for the assets currently under the management of Pequot Ventures. "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' businesses," said Larry Lenihan, Managing Director and Co-Head of Pequot Ventures. "As a separate entity, we will be positioned to pursue our investment agenda and develop new opportunities unique to our business. Over the course of its 11 year history, Pequot Ventures has become a leading New York City venture capital firm with a national reach," he added. Pequot Ventures focuses on companies with a novel business or operational model that are creating new markets or changing existing industries. A critical element of its investment strategy is that Pequot Ventures is the first institutional investor in the vast majority of its investments, enabling closer involvement with portfolio companies and more significant potential upside for limited partners. "In the last 18 months we closed our seventh fund, completed eight successful exits and made twelve investments, including five in New York City-based companies," said Jerry Poch, Managing Director and co-head of Pequot Ventures.