Firsthand Technology Value Fund announced that Facebook is now its largest holding, representing more than 5% of the fund’s net assets. Yelp, another social networking company, is also among the fund's top five holdings.
"Our focus continues to be on high-quality, late-stage technology companies," said Kevin Landis, chief investment officer and portfolio manager of Firsthand. "We believe the combination of rapid growth and the prospect of timely realizations presents a compelling opportunity for investors."
Landis, with more than 25 years experience in technology and investment management, founded Firsthand in 1994 and has since become one of the nation's best-known technology investors. He has been making venture capital investments in primary transactions since 1998, focusing on the technology and cleantech sectors.
Firsthand Technology Value Fund is a publicly-traded venture capital fund. The company’s investment size is approximately $1 million to $10 million each, although this range varies in proportion to the size of its capital base. Equity investments typically consist of preferred stock, common stock, warrants, or convertible debt.
Firsthand looks for investments in companies that possess target characteristics such as: game-changing technology; barriers to entry; experienced management teams; established financial sponsors; a strong competitive industry position and a viable exit strategy. Firsthand's team has been responsible for over $150 million of investments in more than 25 private companies over the past 12 years.
As of Dec. 31, 2011, total net assets of the fund were approximately $84 million. The fund is currently exploring additional investments in the social networking, semiconductor, solar and other industries.
Complete financial statements and a detailed schedule of investments will be made available with the fund's annual report filing on Form 10-K in March of this year.
Mary Ann Tasoulas writes for Securities Technology Monitor.