Vanguard Atlantic was formed in Connecticut as an S-Corp. general partnership in 1984; Initial partners and associates: General Partners:  Ernest E. "Lee" Keet, John J. ("Jack") Pendray, & Jan Rumberger; Associates: A.G.W. ("Jack") Biddle, Denis Riney, Catherine Phillips, & Julia (Johnson) Mednick Performed buy-side investment banking for major investors (NYNEX, Coopers & Lybrand, National Semiconductor, and others) from 1984 through 1989; In 1985 the company began making private equity investments for its own account.  Investments have ranged from $150,000 to $6.6 million (see investments); In 1987 Pendray and Keet published "Strategic Development for High Technology Businesses" picked by Stanford University as one of the ten best books ever written on strategic planning.  It is still available through Barnes & Noble and Amazon.com (ISBN # 0-9618891-0-7) In 1989 Vanguard Atlantic left investment banking and  turned its focus entirely to private equity investing; Vanguard Atlantic’s investment funds have all been provided by its general partners; The initial partnership ended in 1992 with a partial distribution of assets; The current controlling shareholders are family trusts; Summary track record: an 18-year compounded annual IRR of over 30%; Investment objective: very early stage investments in business-to-business e-commerce and work-flow automation that need talent as well as money; From late 2001, Vanguard Atlantic Ltd. has restricted its new investments to follow-on support for its portfolio companies.  This decision mirrored the lack of adequate 2nd and 3rd stage and mezzanine funding for start ups, subjecting great entrepreneurial teams to unsustainable funding in a very difficult time for venture capital.  Even with the recovery from the "bubble" venture investing remains less attractive than at any time in the recent past and our fund remains closed to new opportunities outside of the existing portfolio until further notice.