Alan Patricof , founder and managing director of New York venture capital firm Greycroft Partners LLC and an éminence gris of the U.S. investment community, sent us a statement today urging restraint in how bloggers and members of the media characterize the "contagion" roiling global financial markets. Patricof, who also formed the private equity firm that would become buyout giant Apax Partners, specifically addresses the flurry of reports this week that Silicon Valley venture firm Sequoia Capital Partners had summoned its portfolio company executives to warn of the impact of the ongoing financial crisis. While advising emerging companies to closely monitor costs and to be realistic in their near-term growth forecasts, he also says this is "not a time to panic, cut off all investment in the future, and burrow into a dark hole." -- Alain Sherter Following is the full text of Patricof's statement: The comments made by the partners of Sequoia Capital at their recently held 'CEO Summit' have been widely covered by leaks to numerous bloggers. These bloggers have disseminated the details and spread the contagion of the sentiments to the public at large, unfortunately running the risk that the words become a self-fulfilling prophesy. Without challenging the comments, which expressed a heightened degree of doom and gloom for the economic prospects of young start-up companies particularly, I do think it calls for a somewhat more restrai ...
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Alan Patricof , founder and managing director of New York venture capital firm Greycroft Partners LLC and an éminence gris of the U.S. investment community, sent us a statement today urging restraint in how bloggers and members of the media characterize the "contagion" roiling global financial markets. Patricof, who also formed the private equity firm that would become buyout giant Apax Partners, specifically addresses the flurry of reports this week that Silicon Valley venture firm Sequoia Capital Partners had summoned its portfolio company executives to warn of the impact of the ongoing financial crisis. While advising emerging companies to closely monitor costs and to be realistic in their near-term growth forecasts, he also says this is "not a time to panic, cut off all investment in the future, and burrow into a dark hole." -- Alain Sherter Following is the full text of Patricof's statement: The comments made by the partners of Sequoia Capital at their recently held 'CEO Summit' have been widely covered by leaks to numerous bloggers. These bloggers have disseminated the details and spread the contagion of the sentiments to the public at large, unfortunately running the risk that the words become a self-fulfilling prophesy. Without challenging the comments, which expressed a heightened degree of doom and gloom for the economic prospects of young start-up companies particularly, I do think it calls for a somewhat more restrai ...