Jafco... 1/3 owned by Nomura (an d Nomura has more than 1/3 say) 1/3 by Sanwa Bank and 1/3 by Nippon Life. Their first US fund did well but their latest fund is not. In Japan, mostly mezz (pre-IPO) investments, so they take less risks than 9984 and as such have less upside. Unlike 9984 in the US with Charles Lax, Gary Rieschel (ex-Cisco) they have no heavyweights. In fact, several defections left them without management in the US office in 1998 when some people left to start Worldview (a new fund) in the US.
More a corporation than anything, their returns are less than spectacular and they were really hurt in the Asian crisis with their network and exposure to those markets.
I don't think it should ever trade at 9984 multiples but some Japanese may disagree. I could see Jafco gaining in areas where 9984 has some difficulty: certain corporate relationships and the linkage with Mothers through Nomura.
Jafco's US investments (offices in NY, Palo Alto, Boston)
AT/Comm, Inc.
AdiCom Wireless, Inc.(FKA: Wireless Integrated Network Tech) Privately Held
Advanced Fibre Communications Corporation Went Public
AirGate Holding Company (FKA:AirGate Wireless LLC) Went Public
Aptis Communications, Inc. Acquired
Argon Networks, Inc.(AKA:Gigapacket Networks, Inc.) Acquired
AudioSoft Privately Held
Avanex Corporation Privately Held
Axiom Biotechnologies, Inc. Privately Held
Brocade Communications Systems, Inc. Went Public
Calimetrics, Inc. Privately Held
Cerulean Technology, Inc. Privately Held
Cielo Communications, Inc. Privately Held
Ciena Corporation (FKA: HydraLite Corporation) Went Public
Clear Communications Corporation Privately Held
Coherent Networks, Inc. (FKA: Smart Maps International, Inc) Privately Held
Com21, Inc. Went Public
CombiChem, Inc. Went Public
CommQuest Technologies, Inc. Acquired
Creative Design Solutions Privately Held
Crystalline Materials Corporation Privately Held
DAS Devices, Inc. Acquired
Digirad, Inc. Privately Held
Digital Island Went Public
DynaChip Corporation Privately Held
Elekta Instruments AB Privately Held
Equator Technologies, Inc. Privately Held
First Medical, Inc. Privately Held
Gliatech, Inc. Went Public
GoDigital Networks Corp. (FKA: GoDigital Telecommunications) Privately Held
Hypernix Technologies Ltd. Privately Held
Inspire Pharmaceuticals, Inc.(FKA:Innovative Pharmaceutical) Privately Held
International Wireless Communications, Inc. Bankrupt - Chapter 11
Kinetix Pharmaceuticals, Inc. Privately Held
LightSpeed Semiconductor, Inc. Privately Held
Lightspan Partnership (FKA: Curriculum Television), The Privately Held
Lucent Medical Systems, Inc. Privately Held
MMC Networks, Inc.(AKA: Multimedia Communications, Inc.) Went Public
MS2, Inc. (FKA:Marketing Solutions Software, Inc.) Privately Held
Main Control, Inc. Privately Held
Manage.Com, Inc. Privately Held
MetaCreations, Inc. (FKA: MetaTools, Inc.) Went Public
Moldflow Corporation (FKA:Moldflow International) Privately Held
Monterey Networks Privately Held
MorphoSys GmbH Privately Held
NVidia Corporation Went Public
NeoMagic Corporation Went Public
Net Perceptions, Inc. Went Public
Netwise, Inc.
Network Integrity, Inc. Privately Held
NextNet, Inc Privately Held
ObjectSwitch (FKA: Softwire Corporation) Privately Held
Obsidian, Inc. Privately Held
OnlineAsset.com, Inc. Privately Held
OsteoArthritis Sciences, Inc. Privately Held
Pacific Monolithics, Inc. Bankrupt - Chapter 11
PeakStone Privately Held
Pentose Development Corporation (AKA:Pentose Pharmaceutical) Privately Held
Periodontix, Inc. Privately Held
PocketScience, Inc. Privately Held
Preview Software, Inc. Merged
RWT Corporation (AKA: Real World Technology) Privately Held
RadioScape Ltd. Privately Held
SCS Corporation (FKA: Single Chip Systems Corporation) Privately Held
SellerBids.com, Inc. Privately Held
Sentient Networks, Inc. (FKA: CellMux Communications Corp.) Acquired
Shoreline Teleworks, Inc. Privately Held
Silknet Software Went Public
Sonics, Inc. Privately Held
Sonnet Financial, Inc. Privately Held
Spectrian Corporation (FKA: Microwave Modules & Devices) Went Public
Synergy Semiconductor Corporation Acquired
Synomics Ltd. Privately Held
Teleos Communications, Inc.(FKA: General Communications)
VascA, Inc. Privately Held
Veon (FKA:Ephyx Technologies, Inc.) Privately Held
Vixel Corporation Went Public
Vuent (FKA: Adaptive Media, Inc) Privately Held
Wireless Access, Inc. Acquired
eDocs Corporation Privately Held
iReady Corporation Privately Held
Some investments from the Nomura/Jafco office in Australia:
Colloidal Dynamics Incorporated Privately Held
Intag International Limited Privately Held
Moldflow International Property Limited Privately Held
ResMed, Inc. Went Public
Zoom Systems Company Privately Held
I understand Jafco's funds exceed HT and Trans Cosmos so should do well with overall Asian recovery, especially Asian start-ups wanting Mothers listings.
Taikun |
