DCM - Doll Capital Management Announces $375 Million DCM IV Fund; Continues Focus on Early-Stage Technology Companies

Business Wire, June 1, 2004

Business Editors

MENLO PARK, Calif.--(BUSINESS WIRE)--June 1, 2004

DCM - Doll Capital Management today announced the formation and close of DCM IV, a new venture fund capitalized at $375 million. The firm currently has in excess of $1 billion under management. The vast majority of DCM's existing institutional investor base participated in the oversubscribed fund. The firm also selected a handful of leading endowments and foundations to add to its investor base for this fund. DCM IV continues the firm's focus on early-stage investments in the communications, software, and semiconductor industries.

"We believe the speedy close of DCM IV reflects our existing investors' vote of confidence in the execution of our long-term strategy which has resulted in a demonstrable track record of exits in even the toughest years of venture capital investing," stated David Chao, co-founder and managing general partner. "We took an early and strategic approach to the growing market in Asia by leveraging our network in the Pacific Rim for deals and business development for our U.S.-based portfolio. As a result, we have contributed significantly to our portfolio's international revenues and accelerated value creation for our funds."

DCM IV will build upon the success of DCM's prior venture funds, whose portfolio winners include Foundry Networks (Nasdaq: FDRY), Internap (AMEX: IIP), About.com (Primedia), and IPivot (acquired by Intel). DCM has enjoyed a consistent performance record including @Motion's acquisition by Openwave (previously Phone.com) in 2000; Siebel's acquisition of nQuire in 2001; Recourse Technologies, which DCM incubated from inception, was acquired by Symantec in the 6th largest software transaction of 2002; SigmaTel's (Nasdaq: SGTL) IPO in 2003; and Semiconductor International Manufacturing Corporation's (SMIC) (NYSE: SMI) IPO in 2004.

"DCM partners' disciplined, hands-on approach has helped position our portfolio companies to deliver outstanding returns to our institutional investors, which make up 95% of our LP base. Our diversified strategy to invest in under-the-radar technology sectors, as well as an extensive Pacific Rim network have provided consistent returns to our longstanding network of premier investors both in the U.S. and internationally," added Dixon Doll, co-founder and managing general partner.

"We are pleased with the measured growth and breadth and depth of talent on the DCM investment team. Over the years we have watched the DCM team expertly cultivate its portfolio and we look forward to participating in their continued success," stated Gary Bridge, partner at Horsley Bridge, LLP.

About DCM-Doll Capital Management

DCM is a top-performing venture capital firm supporting entrepreneurs building early-stage technology companies. DCM's partners, armed with over a century of operational and investing experience, have funded leading technology companies including 2Wire, 51job, About.com (Primedia), Foundry Networks (Nasdaq:FDRY), HireRight, Internap (AMEX: IIP), IPivot (Intel), nQuire (Siebel), Recourse Technologies (Symantec), SMIC (NYSE: SMI), Sigmatel (Nasdaq: SGTL), PGP Corporation and UUNet (MCI). DCM offers hands-on operational guidance and access to an extensive network of resources, including close relationships with many of the Pacific Rim's leading companies and investors. Visit DCM's website at www.dcmvc.com