Locally listed venture capital firm IT Capital has appointed a man its says is "a seasoned US venture capitalist with an impressive investment track record and large global network of contacts" to its advisory board.
Don Caldwell was, until earlier this year, preseident and COO of Safeguard Scientifics, a publicly-traded US venture capital firm on which IT Capital says it has based its own business model.
In his six-year tensure at Safeguard, Caldwell saw the company's market capitalisation grow 20-fold, while it provided venture capital to more than 25 start-ups, taking six through to listing.
Caldwell also oversaw the development of two alternative private equity funds, Safeguard Capital Partners (SCP), a $US100 million special situation fund, and Safeguard International, a $100 million fund devoted to international opportunities.
IT Capital says Caldwell's recent work with Irish and UK technology firms mirrors the way it is working with Australasian firms.
"This is the beginning of a broader strategic relationship with Mr Caldwell's global network of contacts and experience," IT Capital's chief investment officer Jeff Dittus said yesterday. "As our model has been based on the very successful Safeguard Scientifics public venture capital approach, having Don on board for strategic guidance is a great resource for us.
Dittus said Caldwell's work with the US-based Cross Atlantic Technology Fund, which has a relationship with the successful Brainspark "technology incubator" in the UK would provide another model "and potential incubator partner" for IT Capital.