This is not a good time for venture capital. In the final quarter of 2001, the average valuation for venture-backed companies in America was less than half that at the peak in the first quarter of 2000, according to Venture Economics and the National Venture Capital Association. But Sir Ronald Cohen, co-founder of Apax Partners, is not glum. He had the good judgment (or perhaps luck) to raise a hefty sum just before the market turned sour. And venture capitalists in Europe, where Apax is one of the biggest private-equity fund managers, have always tended to invest more in established businesses than Americans do. In any case, Sir Ronald can afford to take a long view. He was venturing before most such capitalists were born, having dreamed up Apax 30 years ago. He met Maurice Tchenio, a fellow student at Harvard Business School, and together they decided that Europe's snooty view of entrepreneurs represented an opportunity. Provide the money, and good businesses would spring up.
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