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Four years after joining a venture capital firm, Marks Fernandes is promoted
from Partner to Managing Director of Sierra Ventures, a Northern California
based investment banking corporation. Mark Fernandes born and brought up in
Bombay, has a BE from India; a Masters from Berkeley, CA; and an MBA from
Harvard, MA. Mark, at 35 years old, is a great role model for young Goans who
can look forward to successful career with hard work and dedication. He is a
great husband and a father of two delightful girls, a good Catholic man who has
little choice with two uncles as Jesuit priests.
Sierra Ventures is an investment for endowment funds and generally not for
individual investors. Among its investments is funding of several start-ups
and IPOs in Bangalore, India.
Regards, GL
Subject: In today's venture wire: Sierra Ventures Nears Finish Line In Raising
9th Fund
Sierra Ventures Nears Finish Line In Raising 9th Fund: By Tennille Tracy.
7/31/2006
Sierra Ventures has collected the lion's share of the $400 million it set out
to raise for its ninth venture capital fund, people close to the firm said.
The Menlo Park, Calif.-based firm held a first close on roughly $380 million on
July 6, representing the full contribution of its institutional investors. The
firm's general partners, friends, family and other individuals will supply the
remaining $20 million. The firm is expected to hold a final closing later this
year, one person said.
Like many venture capital firms, Sierra Ventures is raising a fund that's
smaller than the vehicle it raised during the go-go days of the Internet
bubble. Sierra Ventures IX LP weighs in at $100 million shy of the $500 million
the firm raised for its eighth fund in 2000.
Most VC firms are raising more modest amounts of capital after a glut of
venture capital dollars raised in the late 1990s helped fuel the dotcom-era
investment frenzy, which ended with severe losses among many VC funds.
Among the investors in Sierra's Fund VIII were University of Chicago, Duke
Management Co., Los Angeles County Employees' Retirement, Montana Board of
Investments, Stanford Management Co. and Yale University.
The investment team overseeing Sierra's ninth fund will look somewhat different
from the one that managed the prior fund. Managing director Jeffrey Drazan
announced his intention last year to resign from Sierra once the eighth fund
was fully deployed. Drazan is forming a growth-capital firm, Bertram Capital,
with his brother.
Meanwhile, Sierra promoted Mark Fernandes and Ben Yu to managing directors,
from venture partners.
Sierra Ventures invests in early to mid-stage information technology companies.
It typically provides investments worth $2 million to $15 million.
http://www.sierraventures.com
Tim Guleri
Managing Director
Sierra Ventures
2884 Sandhill Road Suite 100
Menlo Park CA 94010
Phone: 650 854 1000
www.sierraven.com
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