Sevin Rosen Funds continues to fine-tune its general partnership, in preparation of closing a ninth fund later this quarter.
The most recent changes came last week, when Dallas-based Sevin Rosen named both John Oxaal and David McLean general partners. Oxaal first joined the firm in 1999 as an entrepreneur-in-residence, after having co-founded and run Volumetrics Medical Imaging Inc. He currently sits on the boards of Ethertronics Inc., Luminescent Technologies, Luxtera Inc., Orbital Data Corp., Tellicent Inc. and Scintera Networks.
McLean is a 20-year semiconductor and networking industry veteran, who most recently served as president and CEO of Cicada Semiconductor Inc., which was sold in February to Vitesse Semiconductor Corp. (Nasdaq: VTSS). He also led the introduction of IBM’s DSP product line into Asia, and worked for such technology companies as Pliant Systems Inc. and Applied WDM.
“This is kind of a natural evolution for us,” says Steve Domenik, a general partner with Sevin Rosen. “John Oxaal, for example, was already on the payroll … and Dave’s a guy who’s been known to many of the partners for years.”
Oxaal and McLean are joining a general partnership that is significantly altered from when Sevin Rosen raised $850 million for its eighth fund in 2000 (the fund was later reduced by $275 million). Nick Sturiale is now a general partner after having been hired in 1999 as a senior associate, and Ram Veldi was promoted to the position of partner after having joined the firm in 2001, also as a senior associate.
Gone are general partners Jennifer Gill Roberts, who left late last year, and Charles Phipps, who will retire in conjunction with the Fund IX close.
Domenik says that the personnel changes won’t affect the firm’s investment strategy, which still is to focus on seed and Series A rounds for information technology companies. Sevin Rosen also does the spare pharmaceutical deal, such as Cytokinetics Inc., which currently is in the midst of an IPO road show.
The new fund is expected to close with $300 million by the end of the quarter. About 90% of the fund’s investors will be existing Sevin Rosen LPs, and the firm will continue to permit investment from public institutions.