Subj: Telecom Partners Launches New $125 Million Venture Fund For
Date: 98-04-16 13:07:27 EDT
Telecom Partners Launches New $125 Million Venture Fund For
One of Colorado's Largest-Ever Venture Capital Funds Results from Past Success
In Starting and Operating New Telecommunications and Electronic Media
Companies, Including Verio Inc., Formus Communications and Infobeat
DENVER, April 16 /PRNewswire/ -- Adding to Denver's national reputation as a booming technology and telecommunications center, independent venture capital firm Telecom Partners today announced the creation of Telecom Partners II, L.P., a $125 million fund that will be used to make initial and early- stage investments in new telecommunications and electronic media companies.
Institutional investors include Brinson Partners, Massachusetts Institute of Technology, Howard Hughes Medical Institute and CIBC Wood Gundy Capital Corp. C.P. Eaton & Associates, Inc. acted as the placement agent on behalf of Telecom Partners II.
Telecom Partners II is one of Colorado's largest-ever venture capital funds and capitalizes on the extensive experience and success of the company's principals, Stephen W. Schovee and William J. Elsner. Schovee and Elsner are teaming up after successfully collaborating to form a number of high-profile Colorado telecom start-up companies.
"As has been our practice, we will actively participate in all aspects of the start-up and maturation process to build focused, innovative companies that meet existing demands for telecommunications services and applications," said Schovee. "Our intention is to build large companies with national or international focus that can capture significant market share, attract quality management teams and gain access to lower-cost capital through secondary investors and strategic partners."
With Telecom Partners II, Schovee and Elsner intend to build a portfolio of eight to 10 companies operating in the telecommunications industry's fastest- growing arenas: the Internet, global telecommunications, wireless networks and broadband last-mile networks.
"Fund II will capitalize on what we believe are an increasing number of telecommunications investment opportunities created by emerging economies, an overall trend toward deregulation and privatization, and the need for higher capability networks," said Elsner. "These factors combined with exciting advances in Internet and networking technology open the door for new telecommunications solutions in underserved markets in the U.S. and around the world."
Telecom Partners' previous start-up companies include:
-- Verio Inc.
One of the nation's largest full-service Internet companies for business. Founded in 1996, Verio is a leading national provider of Internet connectivity and enhanced Internet services to small and mid-sized businesses and institutions.
-- Formus Communications, Inc.
Develops local multi-point distribution service (LMDS) or wireless broadband "last mile" networks in the US and abroad.
-- InfoBeat, Inc.
Provides personalized news, weather, sports, entertainment, stock quotes and special event coverage delivered via customized e-mail.
-- SMR Direct Corporation
A low-cost, high-volume wireless business communications/service provider in Latin America.
-- Intergram Corporation
An international provider of unified messaging services utilizing advanced inter-networking technologies and networks.
Before founding Telecom Partners, L.P., a $15.4 million seed-stage venture fund, Schovee was Chief Executive Officer of OneComm Corporation, originally CenCall, a wireless communications company he co-founded in 1989, took public in 1993 and subsequently sold to Nextel Communications. Prior to that, Schovee was Vice President of Centennial Holdings, Inc., the manager of the Centennial Funds, a successful Denver-based family of venture capital funds.
Elsner joined Schovee to form Telecom Partners II after spending the last two years investing in companies alongside Telecom Partners L.P. Previously, Elsner was Chief Executive Officer of United International Holdings, a company that builds and operates cable television and telephone networks in foreign markets. Elsner co-founded that company in 1989 and took it public in 1993.
Mark D. Adolph has also joined Telecom Partners as its Chief Financial Officer. Previously, Adolph was the Chief Financial Officer of Cook Inlet Communications where he participated in more than $1 billion of purchase, sales and restructuring transactions.
For more information on Telecom Partners, call 303-765-1100. Telecom Partners offices are located in Denver, Colorado at 3200 Cherry Creek South Drive, Suite 450, 80209.
SOURCE Telecom Partners II, L.P.
CO: Telecom Partners II, L.P.; Verio Inc.; Formus Communications, Inc.; InfoBeat, Inc.; SMR Direct Corporation; Intergram Corporation
ST: Colorado
IN: TLS FIN
SU:
04/16/98 13:02 EDT prnewswire.com |
