Analysis of information sources in references of the Wikipedia article "Institutional Venture Partners" in English language version.
Even while Dennis was employed as an analyst by the Firemen's Fund in 1952, he established an angel network among friends and colleagues, screen entrepreneurs at lunch and funding them if they fit the bill.
In 1974, Reid backed by a $5 million commitment from American Express, formed Institutional Venture Associates and raised $19 million from six institutions—nearly half of the capital raised in the United States that year by private venture capital partnerships! Over the life of IVA, the original $19 million grew to over $180 million. This now old-fashioned strategy made Dennis a wealthy man even before he established IVP in 1980. Among the investments in that first IVP fund were such companies as Seagate, Collagen, LSI Logic, and Stratus Computer.
In 1982 the IVP management company raised $40 million in a fund called IVP II. The group raised $96 million in 1985, launching IVP III, which was followed in 1988 by IVP IV, a $115 million fund.
On Monday, IVP promoted Wilhelm to general partner after three years with the late-stage firm. She becomes the firm's second-ever female general partner following Mary Jane Elmore's promotion in 1983.
IVP invests in expansion-stage IT companies. Its portfolio includes Cupertino, Calif.-based ArcSight, which provides enterprise security management services; IDUN Pharmaceuticals, a San Diego-based drug provider that focuses on neurological disorders; and Vonage, an Edison, N.J.-based VoIP provider.
Last week, Dennis passed away at the age of 98.
The firm doesn't have a CEO or managing partner, and every fund has new owners, each time starting over—it's a partnership, where nothing gets grandfathered in, sort of like how George Carlin used to go on tour, then generate new material, never wanting anything to get stale.
Some firms have managed to make the transition gracefully. Reid Dennis, founder of Institutional Venture Partners, switched to strategic partner when the firm raised its last fund, $600 million IVP XII, said Todd C. Chaffee, general partner. The five general partners on the firm's 12th and latest fund had been with the firm for a decade.
In 1980, Dennis's two partners, Burt McMurty and Burgess Jamieson, left to from their own funds, Technology Venture Investors and Sigma Partners, respectively. Dennis remained, changed the name of his firm to Institutional Venture Partners, and raised a $22 million fund. In 1989 Dennis brought on partner Norm Fogelsong, and over the next two decades four other partners — Todd Chaffee, Steve Harrick, Sandy Miller, and Dennis Phelps — joined the firm as well.
IVP was set up in 1980, making it one of the first venture firms in Silicon Valley, and it now has more than $5bn of capital committed across dozens of companies.
Since Reid Dennis made his first venture-style investment in 1952 in the emerging technology of the day – the Ampex Corp. tape recorder – he has been hooked on building small start-ups into viable businesses. After putting about $20,000 into Ampex, and eventually getting about $1 million back, he co-founded Institutional Venture Partners, which today is a thriving firm with more than $2 billion in committed capital and investments in such notable companies as Netflix Inc., TiVo Inc. and Ask.com Inc.
Since Reid Dennis made his first venture-style investment in 1952 in the emerging technology of the day – the Ampex Corp. tape recorder – he has been hooked on building small start-ups into viable businesses. After putting about $20,000 into Ampex, and eventually getting about $1 million back, he co-founded Institutional Venture Partners, which today is a thriving firm with more than $2 billion in committed capital and investments in such notable companies as Netflix Inc., TiVo Inc. and Ask.com Inc.
