Lucent and Coller form venture capital partnership
US/UK – New Jersey-based Lucent Technologies and London-based Coller Capital have formed a new venture capital partnership, called New Venture Partners II LP (NVP II), which will take over the portfolio management of Lucent’s former New Venture Group.
The deal sees 80% of Lucent’s equity stake in its former subsidiary handed over to Coller, a specialist management firm with over US$ 1bn (€1.1bn) under management. Moreover, the core personnel form New Venture Group will leave Lucent to join NVP II.
Says Bill O’Shea, president and executive vice president of corporate strategy and marketing at Bell Labs, the research and development arm of Lucent from which New Venture Group originated: “The creation of an independent company to manage this portfolio will better position the portfolio companies for future success and growth, while allowing Lucent to focus its management attention and resources on innovations for our large service provider customers.”