Venture Wire -
March 26, 2001Tuesday, March 27, 2001
vc fund news
Recognition Offers Counsel, Funds to Tech Firms in Trouble
NEW YORK (VENTUREWIRE) -- Recognition Group [now known as Recognition Group], which focuses on helping venture-backed companies in trouble, said it has created Second Frontier Capital Fund, a venture capital fund dealing with struggling technology companies, and Recognition Management, an interim and crisis management business. According to the company, the Second Frontier Capital Fund will raise approximately $30 million. Juan-Carlos Garcia, a former Banco Santander Central Hispano investment banker, will oversee Second Frontier. At first, the fund will focus on e-government, e-finance, and payment-related technology companies. The fund has already received a $15-million investment from an undisclosed European financial group. Recognition Management will be directed by Kaleil Isaza Tuzman, who founded the now-defunct govWorks and was its CEO, and will include the services of Wayne R. Walker, former chief restructuring professional at the DuPont Company; Nicolas W. Platt, executive vice president of Ogilvy public relations worldwide; Richard Tilton, former lead bankruptcy partner at law firm Greenberg Traurig; Jacob Billig, former general counsel of Frontier Insurance; and Michael Egan, crisis management and sales development specialist at David Kurlan and Associates.