Probitas Partners Teams with Shasta Ventures to Close $210 Million Fund; Fund Exceeds Target of $175 Million

Business Wire, March 2, 2005

SAN FRANCISCO -- Shasta Ventures announced the final closing of Shasta Ventures, L.P., a $210 million venture capital fund formed to make investments in early-stage information technology companies. The initial target for the fund was $175 million.

Founded in May 2004, Shasta's Managing Directors include Robert T. Coneybeer, formerly of NEA, Tod H. Francis, formerly of Trinity Ventures, and Ravi Mohan, formerly of Battery Ventures. Shasta was established to be a premier early-stage venture capital firm that is a value-added partner to both entrepreneurs and investors. The team possesses a rare combination of core technology expertise and deep experience in marketing to end-users. By combining these unique skill sets and experience in a collaborative manner, Shasta believes it will successfully invest in and build companies that address the growing demand for new technology products and technology-enabled services. The fund will pursue investment opportunities within the infrastructure, software, and technology-enabled service sectors. Shasta has already closed on two new investments in the Fund.

Probitas Partners served as Shasta's placement agent for the fund. Mac Hofeditz, partner, commented, "We worked with Shasta from the very beginning and are honored to have facilitated their success." He added, "This was a prototypical emerging manager assignment for our firm and we plan to continue to identify and partner with additional high quality emerging groups as part of our ongoing placement practice."

About Probitas Partners

Probitas Partners is an independent provider of integrated, global, alternative investment solutions to institutional investors and fund sponsors. Probitas Partners offers an array of services, including fund placement, liquidity management, and portfolio management. The firm is headquartered in San Francisco, California, with offices in New York and London. Probitas Partners is represented in the United Kingdom by PFG-UK Ltd., which is authorised and regulated by the Financial Securities Authority. For more information and to view current research papers on business development companies, current market conditions, and evolutionary liquidity management techniques, please visit www.probitaspartners.com.

About Shasta Ventures

Shasta Ventures is a venture capital firm located in Menlo Park, CA. Shasta Ventures was formed in May 2004 by three venture capital veterans from leading venture firms; Rob Coneybeer formerly of NEA, Tod Francis formerly of Trinity Ventures, and Ravi Mohan formerly of Battery Ventures. Shasta Ventures manages a $210 million venture capital fund to invest in early stage technology companies serving consumer and enterprise customers. The team possesses a rare combination of core technology expertise and deep experience in marketing to end-users. By combining these skills in an integrated, collaborative approach, Shasta plans to help build companies that address the growing demand among consumers and enterprises for new technology products and services. The fund will pursue investment opportunities within the infrastructure, software and technology-enabled service sectors. For more information on Shasta Ventures, please visit www.shastaventures.com.