MacDonald and Alta Partner Phil Thompson say that they remain on good terms. Alta is staying put in the lower-middle-markets, with plans to raise a new fund that due to decreased partnership size may be a bit smaller than the $500 million that the firm raised n 2002 for Alta Communications IX.
Alta has been informing limited partners and portfolio companies of the partners’ departures over the past two weeks. —Dan Primack
Granite nabs affiliate, expands to $600M
The Menlo Park, Calif.-based firm also announced that it has hired four partners from Shanghai-based SIG Capital, including Zhuo Fumin and Jessie Jin as managing partners. The firm also hired Michael Kuan and Steve Chu as venture partners.
The foursome will continue to manage their existing fund Venture Star Shanghai, while SIG Capital will officially become a Granite Global affiliate.
CMEA raises $400M
The firm focuses on energy and materials, information technology, and life sciences, with a bias towards deep-technology and multidisciplinary investments.
The firm says that it has had recent successes among its investments, including the acquisition of portfolio company RF Magic by Entropic, followed by Entropic’s subsequent IPO. CMEA portfolio companies Bayhill Therapeutics and Phenomix also filed for IPOs in January of this year.
Moreover, Codexis announced in late 2007 that Shell Oil has extended its collaboration with the company for five years.
Union Square closes fund II
In other news, Union Square Ventures has promoted Albert Wegner from venture partner to partner. It also is keeping analyst Andrew Parker on as an associate.