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Case
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Reference no. 9-899-255
Subject category: Entrepreneurship
Published by: Harvard Business Publishing
Originally published in: 1999
Version: 30 November 1999
Length: 12 pages
Data source: Field research

Abstract

In August 1998, the partners of Columbia Capital (Arlington, VA) made a decision about whether or not to raise an outside fund for venture capital investing. Columbia had begun in 1988 as a boutique investment bank focused on the telecommunications industry, but had over its history become progressively more involved in making direct private equity investments; from 1994-98, the firm made over $100 million in such investments. Unlike traditional venture capital firms, however, Columbia made these investments entirely with its partners'' own personal money.; Designed to examine the dynamics of the situation where a firm''s general partners are also its limited partners.

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Abstract

In August 1998, the partners of Columbia Capital (Arlington, VA) made a decision about whether or not to raise an outside fund for venture capital investing. Columbia had begun in 1988 as a boutique investment bank focused on the telecommunications industry, but had over its history become progressively more involved in making direct private equity investments; from 1994-98, the firm made over $100 million in such investments. Unlike traditional venture capital firms, however, Columbia made these investments entirely with its partners'' own personal money.; Designed to examine the dynamics of the situation where a firm''s general partners are also its limited partners.

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