Burr, Egan, Deleage & Co.
| Company type | Private |
|---|---|
| Industry | Venture capital |
| Founded | 1979 |
| Founder | Craig Burr, William P. Egan, Jean Deleage |
| Defunct | 1996 |
| Fate | Operations ceased; investments managed by successor firms |
| Successor | Alta Partners, Alta Communications, Polaris Venture Partners, Alta Berkeley Capital |
| Headquarters | Boston, Massachusetts and Silicon Valley, California , United States |
Area served | United States, Europe, Israel |
Key people | Craig Burr, William P. Egan, Jean Deleage |
| Products | Venture capital funds for information technology, communications, healthcare/biotechnology industries |
Burr, Egan, Deleage & Co. (commonly known as BEDCO) was a venture capital organization concentrating on funding ventures within the information technology, communications, and healthcare/biotechnology industries.
BEDCO was a pioneer among venture capital firms by maintaining offices on both the East and West Coasts, with locations in Boston, Massachusetts and Silicon Valley, California.
Established in 1979 by Craig Burr, William P. Egan, and Dr. Jean Deleage, Ph.D., the firm ceased operations in 1996. The responsibility for managing some of its ongoing investments was transferred to successor entities such as Alta Partners, Alta Communications, Polaris Venture Partners, and Alta Berkeley Capital.
History
Before founding BEDCO, Burr and Egan were affiliated with the private equity firm TA Associates. Meanwhile, Deleage had co-founded the French venture capital company Sofinnova Partners in 1971 and initiated its US branch in San Francisco in 1976. At its height, BEDCO oversaw assets exceeding $700 million and served as the predecessor to four venture capital firms whose combined capital surpassed $5.7 billion:
- Polaris Venture Partners (Waltham, Massachusetts)
- Alta Partners (California)
- Alta Communications (Boston)
- Alta Berkeley Capital (London)
Among BEDCO’s prominent investments were Continental Cablevision alongside H. Irving Grousbeck, Qwest with Philip Anschutz, as well as companies such as Cephalon, American Superconductor, and SyQuest Technology.
Investment funds
From 1979 until 1996, BEDCO successfully raised over a dozen venture capital funds totaling roughly $700 million in commitments from investors.
- 1980 - $12 million - Alta Company
- 1982 - $60 million - Alta II (Late Stage)
- 1982 - $10 million - Alta Berkeley Venture Partners (Balanced Stage)
- 1983 - $18 million - Alta Berkeley LP Liquidating Trust (Early Stage)
- 1984 - $15.7 million - Alta Berkeley Eurofund (Early Stage)
- 1986 - $45 million - Alta Subordinated Debt (Mezzanine)
- 1986 - $32.3 million - Alta Berkeley L.P. II (Early Stage)
- 1988 - $35 million - Alta Communications IV (Late Stage)
- 1988 - $124 million - Alta IV (Late Stage)
- 1988 - $68 million - Alta Subordinated Debt II (Mezzanine)
- 1992 - $161 million - Alta V
- 1993 - $96 million - Alta Subordinated Debt III (Mezzanine)
- 1993 - $27 million - Alta Berkeley III (Early Stage)
Polaris Venture Partners
Polaris Venture Partners was the earliest of four firms to arise from BEDCO’s legacy after three junior partners—Jon Flint, Terry McGuire, and Steve Arnold—departed in 1995 to form an independent venture capital fund. Polaris primarily targets seed and early-stage investments in information technology and life sciences sectors. Headquartered in Waltham, Massachusetts with an additional office in Seattle, Washington, Polaris has raised five funds since its inception in 1995, accumulating over $2.6 billion in capital. Each fund has delivered returns above industry averages for their respective vintage years, including Polaris Venture Partners V, which closed in 2006 securing $1 billion in investor commitments.
Alta Partners
Established by BEDCO co-founder Jean Deleage, Ph.D. along with former partner Garrett Gruener, Alta Partners concentrates on biotechnology and life sciences investments operating out of its San Francisco headquarters. Since its founding in 1996, Alta has raised eight venture capital funds encompassing four Alta California Funds and three series under the Alta Biopharma Partners name. In 2006, it completed fundraising for Alta Partners VIII with commitments totaling $500 million.
Alta Communications
Co-founded by Craig Burr and William P. Egan, who also established BEDCO, Alta Communications operates out of Waltham, Massachusetts and concentrates on investments in the later stages within the media and telecommunications industries. Since its inception in 1996, the firm has successfully raised four venture capital funds, accumulating investor commitments exceeding $1.4 billion.
Alta Berkeley
Formed as an extension of BEDCO’s European division, Alta Berkeley was launched in 1982 when Bryan Wood collaborated with BEDCO to broaden their presence in Europe. The company specializes in early-stage technology investments throughout Europe and Israel. Its sixth fund secured close to $145 million in commitments.