AlwaysOn Top Dealmakers List

As I explore the path of joining a start up management team or potentially returning to the financing side, I will analyze the Alwayon Dealmakers list with great interest when time permits. You should too.

Limited Partners
Limited partners are the big, quiet kahunas at the front of the technology finance food chain. Venture capital firms are just one thing they invest in, but they’re what provides most of the money VCs have under management.
1 TIAA-CREF
2 CalPERS
3 CalSTRS
4 Harvard Management Co. (HMC)
5 Yale Endowment
6 University of Texas (UTIMCO)
7 Stanford Management Co. (SMC)
8 Princeton University Investment Company (PRINCO)
9 MIT (MITIMCO)
10 Ford Foundation

Venture Capital – Early-Stage
You have a business plan and a bunch of code. Now you need to raise a million dollars or two to productize your concept and get an office. Besides providing operating startup capital, early-stage VCs will help you form your board and build your team.
1 Sequoia Capital
2 New Enterprise Associates
3 Benchmark Capital
4 Draper Fisher Jurvetson
5 Bessemer Venture Partners
6 Accel Partners
7 Charles River Ventures
8 Matrix Partners
9 Greylock Partners
10 Doll Capital Management
11 Lightspeed Venture Partners
12 Index Ventures
13 Norwest Venture Partners
14 Madrona Venture Group
15 Hummer Winblad

Venture Capital – Late-Stage
You’re hiring a sales force, building a channel, upgrading your executive team, and bringing products to market. At this point, until you’re fully profitable, get acquired, or raise public equity through an IPO, your operating capital comes from late-stage venture investors. Some VC firms do both early- and late-stage VC, as you’ll see in our picks below.
1 Sequoia Capital
2 New Enterprise Associates
3 Kleiner Perkins Caufield & Byers
4 Greylock Partners
5 Menlo Ventures
6 Mobius Venture Capital
7 Draper Fisher Jurvetson
8 Benchmark Capital
9 Accel Partners
10 Bessemer Venture Partners
11 Oak Investment Partners
12 Redpoint Ventures
13 U.S. Venture Partners
14 Mayfield Fund
15 DCM – Doll Capital Management

Venture Capital – Corporate Investors
Corporate VCs are a little different. They can invest in early- or late-stage deals, but they usually focus on sub-sectors and investments with potential business benefits for their limited partner – the corporate parent.
1 Intel Capital
2 Comcast Interactive Capital
3 Hearst Corporation/Hearst Interative Media
4 Time Warner Investments
5 IDG Ventures
6 Qualcomm Ventures
7 Motorola Ventures
8 Cisco
9 Adobe Ventures
10 SAP Ventures

Corporate Law Firms

First, let’s call the lawyers – at least, that’s a good plan in the world of technology finance. Some of these firms have done well by providing low or deferred-fee incorporation services to brand-new startups, sometimes for shares, and some not only provide counsel but also introductions during mergers, IPOs, or other financing events.
1 Wilson Sonsini Goodrich & Rosati PC
2 Latham & Watkins
3 Fenwick & West
4 Gunderson Dettmer
5 Wilmer Cutler Pickering Hale & Dorr LLP
6 Goodwin Procter LLP
7 Cooley Godward LLP
8 DLA Piper US LLP
9 Cravath Swaine & Moore
10 Manatt Phelps Philips

Investment Banks

When the time is right to take your company public or get bought, you work with investment banks. If it’s an IPO, they underwrite you – helping prepare your prospectus, setting the share price, promoting you to institutional investors, and once you’re public, providing analyst coverage of your stock to keep public investors up to date on your financial performance. If it’s an M&A, they act as advisers to either party, structuring the deal, and providing acquisition capital. There are two types of ibanks: the bulge brackets, that deal with any and every kind of company, and the boutiques, which are smaller and focus on a few sectors.

Investment Banks — Bulge Bracket
1 Morgan Stanley
2 Goldman Sachs
3 Lehman Brothers
4 Credit Suisse
5 JP Morgan Chase
6 Merrill Lynch
7 Citigroup
8 Deutsche Bank
9 UBS Investment Bank
10 Banc of America Securities

Investment Banks — Boutiques
1 Jefferies & Company Inc
2 Evercore Partners
3 Thomas Weisel Partners
4 Needham & Company, LLC
5 Montgomery & Co. LLC
6 Cowen & Company LLC
7 William Blair & Co., LLC
8 Wachovia Securities
9 Houlihan Lokey Howard & Zukin
10 Greenhill & Co.

Private Equity
Private equity, or leveraged buyout, firms are the ones that take public companies private, or buy their stock with the goal of turning them around and selling them.
1 Carlyle Group, The
2 Texas Pacific
3 Blackstone Group, The
4 Kohlberg Kravis Roberts & Company
5 Silver Lake Partners
6 General Atlantic
7 Hellman & Friedman LLC
8 Vista Equity Partners
9 Vector Capital
10 Welsh, Carson, Anderson & Stowe

Institutional Public Investors
Asset management firms of all stripes (mutual funds, hedge funds, etc.) fall into this category. Besides investing in technology stocks, they may also become limited partners in private equity firm funds.
1 Fidelity Management & Research
2 T. Rowe Price Associates, Inc.
3 Wellington Management Co. LLP
4 Capital Research & Management Co.
5 AllianceBernstein LP
6 Capital Guardian Trust Co.
7 Vanguard Group, Inc.
8 Gilder, Gagnon, Howe & Co. LLC
9 Goldman Sachs Asset Management LP (US)
10 Wells Capital Management, Inc.

Corporate Buyers – Global Tech
Big companies want to acquire successful startups that have a strategic fit, breakthrough technologies, masses of customers and profit margins.
1 Cisco Systems, Inc.
2 Oracle Corp.
3 Microsoft
4 Motorola, Inc.
5 LSI Logic Corp.
6 International Business Machines Corp.
7 Siemens AG
8 Google, Inc.
9 Seagate Technology, Inc.
10 EMC Corp.

Corporate Buyers – Media
Big companies want to acquire successful startups that have a strategic fit, breakthrough technologies, masses of customers and profit margins.
1 Publicis Groupe
2 CBS Corporation
3 Lagardere SCA
4 Dominion Enterprises
5 Axel Springer AG
6 Walt Disney Company
7 Hearst Corp.
8 MTV Networks
9 Pearson Education, Inc.
10 EMAP plc

One Response to AlwaysOn Top Dealmakers List

  1. Mukund Mohan November 4, 2007 at 5:53 pm #

    David
    Thanks for the pointer to AO Top dealmakers. Great list.

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