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Citing a need to be more cautious and thoughtful about investing in the technology market, venture-capital firm Crosspoint Venture Partners has suspended a $1 billion fund-raising effort that it began in October.
"When we went out to do fund raising, the market was in the 4,000 range, and the market is now below three," says a spokeswoman for Crosspoint Venture Partners. "We became extremely thoughtful about how to make the returns liquid." Crosspoint boasts a portfolio of 66 companies, and recent initial public offerings include Ariba Inc. and Juniper Networks.
The spokeswoman stresses that Crosspoint is "still very bullish on tech," however, and could reinstitute the fund if market conditions become more favorable for investing in new companies. She adds, "It just became an issue of being more cautious in a market that is out of whack right now."
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