By nearly all measures, 1996 was another record-breaking year for the venture capital community. Price Waterhouse reports that venture-backed investments across the United States exceeded $9.5 billion, up $2 billion from 1995. Coopers & Lybrand adds that venture firms participated in 2,164 deals across all industries in 1996, with an average placement of $4.7 million, up from $4.3 million in 1995. And VentureOne says that the average venture-backed initial public offering in 1996 raised $45.5 million, up 130 percent over the 1995 average. Even the average pre-IPO valuation increased 50 percent in 1996to about $160 million. The only benchmark to fall significantly last year, according to VentureOne, was the aftermarket performance of new issues, which dropped to its lowest point since VentureOne published its first IPO Report in 1992.

Despite the activity in 1996, a few firms stand out because they backed stable technology companies that proceeded to have high-performing IPOs. The 25 VC firms profiled on the following pages were selected according to the average aftermarket performance of their technology portfolio IPOs as tracked by Venture Economics, a division of Securities Data Company. InterVen Partners, Ventana, and Platinum Venture Partners top our list. InterVen and Ventana invested in Cymer, a semiconductor equipment company that went public in September 1996 and posted an aftermarket performance of 407 percent. Platinum backed Whittman-Hart, an IT consulting firm that posted an aftermarket performance of 220 percent (see "Rest for the Weary").

For high-technology investments in 1996, Silicon Valley remained No. 1 in terms of both dollars invested ($2.1 billion) and number of companies (492), according to Price Waterhouse. The Valley accounted for 35.8 percent of high-tech investments in 1996; New England came in second, with 13.4 percent.

Price Waterhouse also tracks the level of VC investment in the more specific category of Internet-related companies; here the number of companies funded grew from only 4 in the first quarter of 1995 to 88 in the fourth quarter of 1996. Similarly, investment in this group grew from $7.6 million to $332.2 million in the same time period.

However, the pace of overall VC investment seems to have slowed recently. According to Coopers & Lybrand, $2.6 billion was invested in the last quarter of 1996, compared with $3 billion in the second quarter and $2.3 million in the third quarter. Throughout this slowdown in volume, communications and software companies continue to be the primary beneficiaries of the investment activity.

THE TOP 25

FirmAverage performance %InterVen Partners407Ventana407Platinum Venture Partners220Adobe Ventures218Allsop Venture Partners218Jafco America Ventures123St. Paul Venture Capital123Vanguard Venture Partners123CEO Venture Fund114Canaan Partners103Weiss, Peck & Greer Venture Partners103Gibraltar Trust75Orien Ventures68Bessemer Venture Partners64Colorado Venture Management57Columbine Venture Funds57Patricof Ventures57Threshold Partnerships56Frontenac55Benchmark Capital54AVI Management48The Mayflower Group48Atlas Venture45Hambrecht & Quist Venture Capital45Technology Crossover Ventures42Source: Venture Economics

VC INVESTMENTS IN INTERNET-RELATED COMPANIES

Numberof companies ($M)Investments1Q9547.62Q95827.93Q951019.84Q952178.31Q9640148.72Q9661208.83Q9662182.54Q9688332.2Source: Price Waterhouse

ADOBE VENTURESSan Jose, California408/536-6000www.adobe.comFounded: 1994Partners: 2Tech IPOs:* 1Aftermarket performance:* 218%

Market positining: A limited partnership formed between Hambrecht & Quist and Adobe Systems. H&Q manages Adobe Ventures as general partner. Concentrates investments in companies with businesses, products, technologies, or in companies serving markets strategic to Adobe's interests. Announced a dividend program this year whereby Adobe shareholders will be given stock in Adobe Ventures' portfolio IPOs. Portfolio IPO in 1996 was Siebel Systems. Other IT investments include Cascade, DigitalThink, Electronic Submission Publishing Systems, and Salon Internet.

Strategy: Has two funds under management totaling $80 million. Funds are capitalized almost exclusively from Adobe's cash reserves. Maintains a balance among early-stage, second-round, and mezzanine-round financings. Usually invests between $1 million and $3 million in each of six to eight companies per year. Plans to have a second, $40 million fund fully invested by 1998. Investment manager, Standish H. O'Grady, is a managing partner at Hambrecht & Quist Venture Capital.

ALLSOP VENTURE PARTNERSCedar Rapids, Iowa319/363-8971Web: N/AFounded: 1981Partners: 4Tech IPOs: 2Aftermarket performance:* 218%

Market positining: Industry nonspecific venture capital firm.Has invested in IT, health-care service/device, specialty financial-service, manufacturing, distribution, and retail companies. Investments have included telecommunications, data communications, and media companies. Portfolio IPOs for 1996 were Cymer (the top IPO for 1996) and McLeod. Not actively investing this year.

Strategy: Has three prior funds totaling $105 million under management. Invests beyond the startup stage, usually at the second round and during expansion rounds. Prefers investing roughly $2.5 million, although has invested as much as $9 million. When active, invests in five or six companies per year. Also handles leveraged buyouts. Prior to founding the firm, partners worked together for ten years in a corporate VC environment.

AVI MANAGEMENTLos Altos, California415/949-9862www.avicapital.comFounded: 1982Partners: 3Tech IPOs: 1Aftermarket performance:* 48%

Market positining: Venture capital partnership specializing in IT and multimedia markets. Investment areas include semiconductors and electronics, software and computer technology, communications and networking, and new media and information delivery. Technology IPO for 1996 was Raster Graphics. Other representative investments include AccelGraphics, Extreme Networks, InfoGear, and Women's Wire. Is targeting networking, communications, and software as growth opportunities this year. Expects the fusion of computers, telephony, and personal electronics will pervade entertainment, business, and education. Also manages an affiliated fund, Media Technology Ventures.

Strategy: Has more than $150 million under management. Newest fund, AVI Capital, formed in April 1995, is capitalized at more than $60 million. Provides preseed, seed, and early-stage venture capital. Typical initial investments range from $1 million to $3 million, with reserves available for follow-on investments. Average total investment is roughly $2 million. Prefers to invest in Silicon Valley and West Coast companies. Corporate partners include Motorola, 3M, Nynex, Sitra, Credit Lyonnais, and Foxconn. Limited partners include Eugene Flath, Jean-Louis Gassйe, Kenneth Levy, and Jack Loustaunou. Managing partners all have venture capital as well as operating experience.

ATLAS VENTUREBoston, Massachusetts617/859-9290www.atlasventure.comFounded: 1980Partners: 9Tech IPOs: 3Aftermarket performance:* 45%

Market positining: International venture capital firm that focuses on U.S. and European IT and life-sciences companies. Areas of interest include Internet-based vertical applications, wireless communications software, and health-care information systems. Representative investments include Business Objects, Firefly Network, Micronas, SolidWorks, Uniface, and Vermeer. Technology IPOs for 1996 include Brooks Fiber Properties, Geotel Communications, and Versant Object Technology. Eight portfolio companies have completed IPOs since the beginning of 1996. Has additional offices in Amsterdam, Munich, and Paris. Actively investing this year, and expects to balance investments between Europe and the United States.

Strategy: Has $400 million under management. Expects to close its third fund of $200 million by midyear. Typically invests in the seed, early, and later stages. Prefers to invest between $3 million and $4 million, but will invest between $500,000 and $5 million. Invests in approximately 14 companies per year. Claims international presence allows portfolio companies to open transatlantic markets and succeed in the global markets. Founding partner, Michiel de Haan, was formerly a managing director at ING Bank.

BENCHMARK CAPITALMenlo Park, California415/854-8180www.benchmark.comFounded: 1995Partners: 5Tech IPOs: 1Aftermarket performance:* 54%

Market positining: Investment areas include Internet, networking equipment, semiconductor, software, and systems. Expects all these areas to present investment opportunities this year and will actively invest. Claims capitalization of $20 million and an average of six board seats per partner ensures the right level of partner attention regardless of investment size. Portfolio IPO for 1996 was Silicon Gaming. Other investments include PointCast and Genesys Labs.

Strategy: Has $100 million under management. Typically invests in 12 early-stage companies per year. Typically invests $1 to $2 million initially, and expects to invest $3 to $4 million over the life of a company. Focuses on seed and early-stage companies and concentrates investment activity on West Coast. Managing partners have venture capital and entrepreneurial backgrounds. Previous experience includes Merrill, Pickard, Anderson & Eyre; Technology Venture Investors; and Feibush.

BESSEMER VENTURE PARTNERSMenlo Park, California415/854-2200www.bessemervp.comFounded: 1907Partners: 6Tech IPOs: 2Aftermarket performance:* 64%

Market positining: Private venture capital firm whose investments have included health care, information systems, telecommunications, and retailing. IT areas of focus include multimedia, communications, wireless networks, Internet, software, and health-care information systems. Portfolio IT IPOs for 1996 were Versant Object Technology and Worldtalk Communications. Other investments include Cascade, Ciena, P-Com, SystemSoft, and Versant Software. In 1996 added Silicon Valley headquarters to complement Boston operations. Is actively investing this year.

Strategy: Averages approximately $300 million under management. Typically invests between $1 million and $5 million in companies at any stage. Invests a total of roughly $50 million in 20 to 30 companies each year. Cites knowledge of and speed in the communications markets as a competitive advantage. Intends to expand international reach and fund earlier-stage deals this year.

CANAAN PARTNERSRowayton, Connecticut203/855-0400www.canaan.comFounded: 1987Partners: 7Tech IPOs: 1Aftermarket performance:* 103%

Market positining: Private venture capital partnership investing across all industry sectors, including technology. Specific sectors include computer networking, enterprise and client/server software, Internet software tools and services, semiconductors, computer telephony, and mobile communications. Other areas of interest include biotechnology, health care, financial services, and distribution. Portfolio IPO for 1996 was Visigenic Software. Other technology investments include Cayenne Software, Spectrian, Sync Research, Matrix Pharmaceuticals, Kalpana, Frame Technology, and Octel Communications.

Strategy: Manages more than $500 million in committed capital. Oversees investments in more than 60 portfolio companies. Will invest in any stage of development, and will consider management buyouts, recapitalizations, and other situations. Invests between $500,000 and $15 million. Also maintains Silicon Valley office. Majority of general partners have worked together since 1983.

CEO VENTURE FUNDPittsburgh, Pennsylvania412/687-3451Web: N/AFounded: 1986Partners: 4Tech IPOs: 1Aftermarket performance:* 114%

Market positining: Private venture capital firm investing in IT services, communications, industrial-automation, health-care, and IS software companies. Representative IT investments include AceComm, Paradigm Software Technologies, and Intelus. Also has an office in Virginia to serve the Washington, D.C., area. Plans to close its third fund for $50 million by midyear. Expects global communications infrastructure and enterprise software to be growth opportunities throughout the year.

Strategy: Has $65 million under management. Balances investments across seed/early stages (30 percent), expansion stages (40 percent), and management buyouts (30 percent). Invests between $1 million and $3 million, but prefers to invest $2 million. Concentrates investments on the East Coast. Invests in roughly five companies a year. Founders are all former technology entrepreneurs.

COLORADO VENTURE MANAGEMENTBoulder, Colorado303/440-4055Web: N/AFounded: 1979Partners: 4Tech IPOs: 1Aftermarket performance:* 57%

Market positining: Targets opportunities in Boulder County, as well as project financing for independent power projects throughout the Rocky Mountain region. Preferred IT industries include information systems, telecommunications, and networking equipment. Portfolio IPO for 1996 was Bolder Technologies. Other representative investments include Wireless Telecom and Marketscape. In 1986 created University Research, a foundation designed to develop new ventures using University of Colorado-owned technologies. Has also developed, financed, and managed three cogeneration power plants and greenhouses that produce electricity for the Public Service Company of Colorado.

Strategy: Has four separate equity funds totaling $10.6 million under management. Specializes in seed- and early-stage venture investing. Preferred investment size is $350,000, but investments range from $50,000 to $500,000. Invests in roughly four companies annually. Expects telecommunications and related software to be growth opportunity this year. Background of managing general partner, R.D. Peter Bloomer, is in consumer manufacturing, marketing, and distribution.

COLUMBINE VENTURE FUNDSEnglewood, Colorado303/694-3222Web: N/AFounded: 1983Partners: 3Tech IPOs: 1Aftermarket performance:* 57%

Market positining: Private venture capital firm that invests in biotechnology, computers, communications, electronics, and material science companies. Portfolio IPO for 1996 was Bolder Technologies. Other investments include Biex, Photometrics, Orthologic, and Topometrix. Also has offices in Arizona and Texas. Will support current portfolio, but is not looking for new investments.

Strategy: Has $78.5 million under management. Prefers seed- or startup-stage companies. Typically invests between $500,000 and $2 million but is capable of significantly larger investments. Concentrates investments in the Rocky Mountain region, the Southwest, and California. All partners have venture capital backgrounds.

FRONTENACChicago, Illinois312/368-0044Web: N/AFounded: 1971Partners: 8Tech IPOs: 3Aftermarket performance:* 55%

Market positining: Private venture capital firm that invests in all areas of IT. Areas of focus have included applications software, data communications, and enterprise software. Will actively invest this year. Representative investments include Cadis, Campbell Software, NetWorth, Platinum Technology, Eagle River Interactive, and Whittman-Hart.

Strategy: Has $500 million under management. Plans on closing a new fund by midyear. Investments are made primarily in the expansion and mature stages. Prefers to invest between $5 million and $10 million. Typically invests in five to ten companies every year. Intends to target the software and information service markets this year.

GIBRALTAR TRUST New York, New York212/848-0400Web: N/AFounded: 1981Partners: 11Tech IPOs: 1Aftermarket performance:* 75%

Market positining: One of the investment entities for Rho Management. Rho invests in emerging markets and U.S. venture capital on behalf of wealthy families. IT venture areas of interest include computer hardware and software and telecommunications equipment and services, as well as Internet infrastructure, content, and commerce companies. IT portfolio IPO for 1996 was Claremont Technologies. Other technology investments include Ciena, Shoppers Express, AnswerSoft, and Capstone.

Strategy: Has more than $250 million under management. Invests in companies at all stages, from seed through IPO. Prefers investing between $3 million and $5 million, with a minimum of $750,000. Typically invests in eight to ten companies per year. Chairman and CEO, Joshua Ruch, was previously with Salomon Brothers. Managing director, Habib Kairouz, was formerly at Jesup & Lamont.

HAMBRECHT & QUIST VENTURE CAPITALSan Francisco, California415/576-3300www.hamquist.comFounded: 1968Partners: 8Tech IPOs: 7Aftermarket performance:* 45%

Market positining: Venture capital arm of the investment bank Hambrecht & Quist. Areas of focus include IT, environmental technology, and branded consumer companies. No geographic preferences; has capabilities in Europe and Asia. Expects that software, communications and networking, and computer hardware and systems will present growth opportunities throughout the year. Investments include Adobe, Sybase, Read-Rite, Red Brick, and Xilinx.

Strategy: Manages more than $330 million in assets in domestic funds and more than $300 million in assets in funds overseas. Is actively investing this year. Targets investments at startup stage and during periods of operating difficulty. Investment size ranges from $500,000 to $5 million. Makes roughly 15 new investments per year. Chairman and cofounder William R. Hambrecht manages the firm's venture investment activity. Managing partners Merrill E. Newman and Standish H. O'Gradydraw experience from Ampex, Spectromagnetic Industries, and Intel. Mr. O'Grady is also the investment manager for Adobe Ventures.

INTERVEN PARTNERSSanta Monica, California310/587-3550Web: N/AFounded: 1985Partners: 5Tech IPOs: 1Aftermarket performance:* 407%

Market positining: IT venture capital team associated with First Interstate Bancorp. Areas of focus include networking, semiconductor, telecommunications, and software. Portfolio IPO for last year was the top-performing IPO, Cymer. Fund was closed as a result of First Interstate's merger with Wells Fargo in 1996. Not making any new investments this year.

Strategy: Formerly had $51 million under management. Invested primarily on the West Coast, usually in five companies per year. Investments ranged from $1 million to $2 million, with a preferred investment size of $1.5 million. Concentrated on early-stage investing. Partners were all with First Interstate.

JAFCO AMERICA VENTURESPalo Alto, California415/463-8800Web: N/AFounded: 1984Partners: 14Tech IPOs: 1Aftermarket performance:* 123%

Market positining: Manages North American investment activities on behalf of its parent company, Japan Associated Finance, the largest venture firm in Japan. Invests globally in companies involved in wire-line and wireless infrastructure hardware and software; applications software and tools; semiconductors, peripherals, and semiconductor capital equipment; and IT services. Portfolio IPO for 1996 was Advanced Fibre. Other representative investments include Ciena, C-Cube, Meta Tools, Object Systems Integrators, and Tivoli.

Strategy: Has $80 million under management. Parent company manages more than $2 billion worldwide. Invests in companies at all stages; investments range from a minimum of $500,000 to a maximum of $10 million. Prefers investments between $1.5 million and $4 million. Averages ten investments annually. Expects communications, enterprise software, and health sciences to be growth opportunities this year. Chief investment officer, Barry Schiffman, was formerly a general partner with Weiss, Peck & Greer Venture Partners.

THE MAYFLOWER GROUPBoston, Massachusetts617/267-9000www.mayflower1.comFounded: 1962Partners: 3Tech IPOs: 1Aftermarket performance:* 48%

Market positining: Private venture capital firm focusing on high-technology, biotechnology, health-care, and environmental companies. Portfolio IPO for 1996 was Raster Graphics. Most successful investment to date has been Frequency Sources, which merged into Loral. Intends to invest actively this year. Targeting the environmental cleanup and disposal sector for growth opportunities.

Strategy: Typically invests in early-stage companies. Usually invests up to $3 million but prefers small early-stage investments of roughly $250,000. Concentrates investment activity on the East Coast. Partners have VC and real-estate development backgrounds.

ORIEN VENTURESWestport, Connecticut203/454-0802Web: N/AFounded: 1985Partners: 2Tech IPOs: 1Aftermarket performance:* 68%

Market positining: Joint venture with Mitsui, firm focuses on technology sector. IT investments include Internet-oriented, database, and service-oriented software, as well as embedded systems companies. Representative investments include Credence, MVS Software, Applied Microsystems, Etec Systems, and ServiceSoft. Most recent fund concentrates investing in Indonesia. Also open to domestic investments.

Strategy: Currently has three funds worth roughly $100 million under management. Plans on sponsoring a fourth fund for investment in Indonesia by the end of this year. Primarily invests in early-stage companies, but is open to later-round placements. Usually invests between $1 million and $5 million. Partners have venture capital, engineering, and technology management consulting backgrounds.

PATRICOF VENTURESNew York, New York212/753-6300Web: N/AFounded: 1969Partners: 8Tech IPOs: 2Aftermarket performance:* 57%

Market positining: One of the world's largest venture capital and private-equity investment firms. Invests in all areas of technology, including communications, new media, software, computers, networking, and the Internet. Other areas of investment include biotech and health care, consumer and specialty retailing, direct marketing, business services, financial services, and industrial goods and services. IT investments include America Online, Capmac, Cytyc, Fore, and Xpedite. Maintains international affiliate, Apax Partners. Has ten offices in seven countries, including the United Kingdom, France, Germany, Israel, Spain, and Switzerland.

Strategy: Manages more than $2 billion in private-equity funds. Types of transactions include startup and early-stage funding, expansion financings, recapitalizations, management buyouts, and consolidations. Investments range from $5 million to $25 million. Invests in approximately five to eight companies per year. Chairman Alan J. Patricof founded the firm.

PLATINUM VENTURE PARTNERSRedwood City, California800/234-7528Web: N/AFounded: 1992Partners: 3Tech IPOs: 1Aftermarket performance:* 220%

Market positining: Private venture capital company affiliated with Platinum Technology. IT investments include Internet software, computer networking, wireless communications, and IT service companies. Last year, portfolio IPO was one of the top IPOs for 1996, Whittman-Hart. Other representative investments include Campbell Software, Dynasty Technologies, Eagle River Interactive, Spectrum HoloByte, and Vream. Most investments are made with the help of tips from its network of CEOs.

Strategy: Total capital under management is $60 million. Pool of funds was raised from 175 entrepreneurs and CEOs around the country. Established a Redwood City office to raise money from Silicon Valley CEOs for next fund. Expects to raise another $60 million by the end this year. Invests an average of $2 million to $2.5 million per deal. Claims raising money from CEOs provides a prequalified, reliable lead flow. Plans to close Silicon Valley fund by the end of 1998. Partners all have entrepreneurial backgrounds.

ST. PAUL VENTURE CAPITALBloomington, Minnesota612/830-7474www.winternet.com/spvcFounded: 1988Partners: 4Tech IPOs: 1Aftermarket performance:* 123%

Market positining: Investment subsidiary of the St. Paul Companies, a worldwide insurance organization. Concentrates on four major industry areas: information processing and technology; specialty retailing and consumer products; health-care products and services; and business services, including environmental and manufacturing companies. Representative technology investments include Netlink, Novasoft, Objectivity, I-Cube, and BroadBand Technologies. Portfolio IPO for 1996 was Advanced Fibre.

Strategy: Has more than $500 million under management. Has direct investments in more than 60 companies and indirect investments in more than 1,000 additional companies. Investments typically range from $2 million to $5 million. Looks to invest in the first or second round. Affiliated as a limited partner with more than 30 other venture capital firms. Targets companies with the potential to achieve a minimum market value of $50 million to $100 million within four to six years. President and founder, Patrick A. Hopf, was previously a vice president at T. Rowe Price Associates.

TECHNOLOGY CROSSOVER VENTURESPalo Alto, California415/614-8200Web: N/AFounded: 1995Partners: 5Tech IPOs: 2Aftermarket performance:* 42%

Market positining: Private investment firm that does both public- and private-equity investing exclusively in IT companies. In the venture market, IT areas of focus include software and services, networking and communications, and Internet and new media. Portfolio IPOs for 1996 were Xylan and Claremont Technology. Other investments include Saville Systems, CNet, MemberWorks, and Corsair Communications.

Strategy: Has $295 million under management, more than 70 percent of which targets the private-equity markets. Currently investing its second fund of $195 million. Generally invests at the expansion stage. Typically invests between $3 million and $5 million. Has no geographic preference. Founding partner, Jay Hoag, was previously with Chancellor Capital Management. Cofounder Rick Kimball was formerly in technology research at Montgomery Securities.

THRESHOLD PARTNERSHIPSBaltimore, Maryland410/345-2086www.troweprice.comFounded: 1983Partners: 2Tech IPOs: 1Aftermarket performance:* 56%

Market positining: Private-equity entity associated with T. Rowe Price Associates, a public investment management firm specializing in mutual funds with more than $100 billion under management. Threshold invests in information- and medical-technology companies. Areas of IT focus include software, computer systems and components, and communications and media. Representative investments include Forte Software, Sybase, Actel, Conner Peripherals, and Silicon Graphics.

Strategy: Has $250 million under management. Actively investing fromits third limited partnership of $66 million. Focuses on later-stage companies, typically investing between $3 million to $5 million in those with proven concepts. Prefers a reasonably complete management team and a board of directors. Looks for companies with the potential for an IPO within two to three years of the time of investment. Typically invests in six companies yearly. Partners come from investment banking and corporate backgrounds.

VANGUARD VENTURE PARTNERSPalo Alto, California415/321-2900Web: N/AFounded: 1981Partners: 4Tech IPOs: 1Aftermarket performance:* 123%

Market positining: Early-stage firm that focuses on communications and medical devices, with an occasional biotech investment. Investments include Advanced Fibre, Network Appliance, and Ciena. No major strategic changes planned this year. Firm is now on its fifth fund. Has another office in Houston.

Strategy: Has $123 million in committed capital. Total value of its portfolios exceeds $500 million. Provides funding for seed and startup rounds only. Will also invest in later rounds for companies to which it provided early-stage funding. Preferred deal size is between several hundred thousand dollars to $2 million on the first round. Each fund invests in 18 companies; funds last between two and three years. On average, new investments are made in eight to ten companies in a fast year and five to six companies in a slow year. Claims its understanding of the telecommunications space enables it to recognize obscure investment opportunities and make investment decisions more quickly. Firm is comfortable doing deals with incomplete management teams. General partner, Clifford Higgerson, expects this to be an exceptionally fast year for the firm.

VENTANA Irvine, California714/476-2204Web: N/AFounded: 1974Partners: 2Tech IPOs: 1Aftermarket performance:* 407%

Market positining: Venture capital firm that focuses on IT, biomedical, and medical device sectors. Within IT, invests in telecommunications, semiconductor, electronics, and software companies. Was the first institutional investor in its 1996 portfolio IPO, Cymer. Other investments include PairGain Technologies, Proxima, Brooktree, and Advantix. Expects telecommunications infrastructure to provide growth opportunities this year.

Strategy: Started as a private-equity management firm; began venture investing in 1984. Is on its sixth fund and has $160 million under management. Prefers to invest in the first or second round. Typically invests between $500,000 and $1.5 million in each of seven or eight companies per year. Will invest in any geographic region, but 70 percent of its holdings are in Southern California.

WEISS, PECK & GREER VENTURE PARTNERSSan Francisco, California415/622-6864www.wpgvp.comFounded: 1971Partners: 8Tech IPOs: 1Aftermarket performance:* 103%

Market positining: Private partnership investing in IT and life-sciences companies. IT areas of focus include software, communications, semiconductors, computer systems, and information systems. Portfolio IPO for 1996 was Visigenic Software. Other investments include Electronics for Imaging, P-Com, Adaptec, Ciena, and Vantive.

Strategy: Manages six venture funds totaling $600 million. Raised most recent fund of $200 million in early 1994. Affiliated with Weiss, Peck & Greer, a privately held investment firm with $13 billion in public securities and private buyout funds under management. Invests in seed through mezzanine stages. Investments generally range from $1 million to $7 million, although seed financing may be as low as $100,000. Gill Cogan, comanaging partner, was previously a partner of Adler and the CEO of Formtek. Philip Greer, a founding partner and now comanaging partner, was previously with White Weld and A.G. Becker.

*Numbers of lead tech IPOs and and aftermarket performance are based on data from Venture Economics, a division of Securities Data Company.