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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Krim who wrote (2015)	11/23/1998 1:27:00 PM
From: David Lawrence	Respond to of 4467

I don't think there is any way to know that. >>Does sfe have a larger proportion of its asset in private companies than in the past? They certainly have been building up quite a war chest via their TLAB sales, so it's reasonable to expect the private portfolio to grow.

To: Jerry Krim who wrote (2015)	11/23/1998 1:29:00 PM
From: still learning	Read Replies (1) \| Respond to of 4467

I assume you meant some premium to NAV. That'sd a good question. They have a larger number of private companies in the pipeline than in the past. They have had betweeen 15 and about 20 typically, and now have 25, if I understand the CC comments correctly (this is purely second had info as reported from the CC, but can easily be verified via the web site). More importantly, they now own a share of another incubator company ICG, which can be expected to spawn other IPOS/rights. Question is in a partial interest situation like ICG or TL ventures, it's difficult to allocate ownership and value (they don't always give it). So it's a bit of a crapshoot trying to evaluate the NAV of pirvate companies -- all that on top of the typical issues of trying to value a private company anyway.

To: Jerry Krim who wrote (2015)	11/23/1998 7:31:00 PM
From: robert miller	Respond to of 4467

Jerry Krim, I believe the private companies do indeed make up a larger portion than any time in the past. At the last CC they stated that Pac-West was a $115 million transaction for SFE and it's associated funds. It appears that ICG will be their largest deal ever when it comes public. Probably the largest by a wide margin. I think they had to put up big bucks for their 15% of US Interactive. This is only three of those 25 private companies. But, as David and S.L. stated it is impossible for us to put a value on the private portfolio. bob