PORTFOLIO

INVESTMENTS BY SECTOR:

Software, Systems, and Services

Guidewire Group is a global research firm focusing exclusively on emerging information technology markets. Through online media, market reports and executive events, Guidewire Group is able to identify the products and trends that will matter most – now and in the future.

iForem iForem and iNuity form a commercial service and a financial trust that gives users tools to manage and save digital assets for life. Core and enhanced tools such as time based management of information, automatic format updating, or deep freeze record storage for compliance. All of these services are based on a pay-once life time digital safe deposit box that will never be lost for lack of payment or service cancellation.

NextG Networks provides wireless communications infrastructure based on their proprietary fiber optic and distributed antenna technologies. NextG expands the network coverage and capacity for wireless service providers in a rapid and cost-effective manner.

Persistent Systems, headquartered in Pune, India, pioneered the Outsourced Software Product Development Services (OPD) model 15 years ago and today has over 140 customers ranging from Global 500 companies to startups. Persistent is recognized as a leading OPD firm, offering the industry's most comprehensive range of services.

TestQuest is the leader in automated test solutions for virtually any application and device in the pervasive computing industry - from cell phones, PDAs and tablets to devices with embedded technologies, including wireless enterprise systems, smart appliances, and automobiles.

Internet, Mobile, and Digital Media

Chegg is the leading provider of “hyper-local” classified ads for college campuses. Chegg enables students on a specific campus to easily buy and sell goods through personal, face-to-face interactions, thereby lowering the cost of the product, eliminating the hassle and costs of shipping, and increasing student satisfaction. On Chegg.com, students can register for a free account by simply providing their university email address. This helps create specific campus networks, which builds trusted relationships and mitigates the risk of interacting with strangers that would be otherwise unaccountable. Chegg is headquartered in Santa Clara, California.

Eyespot provides companies with the leading digital media platform for mixing and remixing of online and mobile user-generated video, enabling their users to become creators of high-quality personalized video. Eyespot.com is also the premiere community for video mashup creation and distribution.

Jacked is engineering technology to revolutionize TV viewing by fusing it with the Internet. Jacked has developed a real-time contextual publishing platform for personalized, participatory broadcast media, advertising, and commerce. The platform provides advertisers with a real-time engagement, measurement, and response solution for broadcast advertising. It also provides TV networks with a platform for a real-time complementary web experience, enabling them to retain viewers and maintain engagement. The company's first product, Jacked.com, is a browser based consumer web site focused initially on synchronized contextual programming for sports broadcasts.

Kajeet is a MVNO (Mobile Virtual Network Operator) revolutionizing voice and data services for the youth market.

MakeMyTrip.com (MMT) is the leading online travel booking portal with a focus on India. MMT is the largest retailer of travel services online for individuals and corporations for both Indian domestic and international travel markets. The company has simplified the planning and buying process through its site by offering real-time services that were previously not available for travel in India.

Tapatap creates entertainment experiences for Generation Wireless by allowing them to create and share, meet people, be entertained, and connect via the web and mobile applications. Tapatap is pioneering Mobile 2.0 where applications can be downloaded and shared for free and work seamlessly across web, wap, and rich mobile clients.

Disruptive Technologies

Aurora Biofuels was founded in 2006 to develop bioengineering and process control technology to grow algae for creating bio-oil and bio-diesel. Aurora received 1st place and the People’s Choice Award in the 2006 UCB Business Plan Competition and also won the Intel plus UCB Technology Entrepreneurship Challenge.

Boston-Power, Inc. ™ is an emerging portable power company answering the call for safer, longer-lasting Lithium-ion batteries – today. Boston-Power’s innovative systems approach to portable power and application-specific batteries starts with safety, while achieving next-generation performance gains. The Lithium-ion battery technology powering the portable devices consumers rely upon include laptops, as well as PDAs and mobile phones. The Company is headquartered in Westborough, Massachusetts with Six Sigma-level manufacturing operations in Shenzhen, China.

Sequoia Communications enables wireless handset manufacturers to accelerate their time to market by shortening the RF design cycle of integrated multi-mode solutions. A fabless semiconductor company, Sequoia Communications has developed novel, patented technology that uniquely integrates different modes using a common architecture, enabling multiple wireless standards on a single chip, including GSM/GPRS, EDGE, WCDMA, GPS, WLAN and more. Single-chip RF transceivers developed using Sequoia’s innovative approach and common architecture will set new industry benchmarks in reduced chip cost, component count, PCB size, and power consumption.

SkyCross is a leading developer of next-generation RF technology for mobile and fixed wireless telecommunications, telematics, satellite, and mobile computing markets. SkyCross' patented technology enables high-performance, multi-mode, multi-frequency embedded antennas for handsets, laptops, PDAs, automobiles, consumer electronics and base stations.

Step Labs develops noise suppression and speech separation technology. The Company has initially focused on Bluetooth headsets and automotive kits, and will later transition to cell phones, speakerphones, military headsets, and other microphone applications requiring advanced noise suppression capabilities that are affordable and easy to implement.

YLX Corporation produces high performance light sources utilizing solid state technology. The Company’s products feature very long bulb life, instant-on operation, superior color gamuts, and dramatically lower power consumption. YLX is headquartered in San Jose, California, with engineering, manufacturing, and business development teams in Shenzhen, China.

Exits

AccessLine (acquired by Telanetix) is an industry leader in hosted voice communications, offering a range of communications services to enterprises, emerging telecommunications companies, and technology partners. AccessLine’s outsourced communications services give businesses the agility they need to grow and compete in the fast-paced global economy, and the flexibility of hosted communications that reduce ongoing capital investment.

Allsec Technologies is one of the first outsourced multimedia Business Process Outsourcing (BPO) companies in Southern India, leveraging best-of-breed technology and processes with state-of-the-art infrastructure and top talent to provide a variety of inbound and outbound call center services for enterprises. Allsec is a top-tier provider in its core services offerings of CQM (call quality management), telemarketing, technology support, and payroll-processing services, especially for financial services and credit institutions.

Arula Systems (acquired by Raritan) a Hewlett-Packard spin-off, providing solutions for remote device management. Arula's products enable IT managers and service providers to securely manage network equipment from any web browser.

Concord Communications (NASDAQ:CCRD), is the leading developer of Web-based network reporting and analysis solutions that provide Fortune 100 companies with information they need to measure the effectiveness of their IT investment.

CrossMedia Services (acquired by Gannett, Knight Ridder, and Tribune) is an advertising application service provider for brick and mortar retailers and manufacturers, enabling them to greatly improve their targeting of individual store promotions to shoppers via the Internet through their web sites and third-party web sites.

Encentuate (acquired by IBM) is an industry pioneer of personal identity management solutions for the enterprise. Their integrated identity management solution allows enterprises to deploy strong digital identity 10 times faster and at 1/10th the cost than traditional "big-bang" deployments requiring complex integration. Encentuate's solutions also provide enhanced end-user productivity by leveraging the power of personal identity management to enable personalized and fully-secured access to networks and applications.

Exodus Communications (IPO, then acquired by Savvis) is a premium data center services outsource provider focusing on businesses with mission-critical needs on the Internet. Services provided include Internet Server Hosting, Advanced Network Solutions, and Systems Management & Monitoring Services.

IL&FS Investsmart Limited (IIL) is a comprehensive retail financial services and investment banking company in India with a model similar to Merrill Lynch and Charles Schwab, offering a combination of retail branches providing brokerage services as well as institutional investment, debt and merchant banking through its 153 outlets in 62 cities.

Infinity is India’s first institutionalized angel fund, with a focus on early stage investments in high technology sectors and business domains leveraging on technology. The philosophy of the fund is to partner with companies in their initial stages and mentor them through their growth phases to build truly world-class entities. The promoters of Infinity include some of India’s leading IT entrepreneurs and executives who are investing their personal capital and are passionate about leveraging their knowledge base to create wealth.

IPWireless (acquired by NextWave Wireless) develops advanced next generation mobile broadband and multimedia technology based on global standards. The company's TD-CDMA technology has emerged as a leading global standard for wireless broadband, allowing operators to offer a spectrum of completely mobile, portable, or stationary end-to-end packet-based services with unmatched economics and performance. TD-CDMA has the highest average sector capacity, the strongest cell edge performance, and the lowest cost per megabit of any standards-based mobile technology available today, and is deployed by leading operators around the world including announced initiatives with T-Mobile, Orange, Sprint, and PCCW. The IPWireless Partner Program and chipsets allow device manufacturers and infrastructure vendors to very quickly bring innovative new TD-CDMA solutions to market. For more information, visit the company's Web site at www.ipwireless.com.

Iridigm (acquired by QUALCOMM) produces revolutionary reflective displays for mobile applications. Based on years of research conducted at MIT, Iridigm's Interference Modulator (iMoD) technology provides a new class of capabilities that other flat panel display technologies have yet to achieve. The mix of very high reflectivity in color, ultra low power, and very low cost makes Iridigm display technology ideal for any mobile device.

LVL7 (Level 7) Systems, Inc. (acquired by Broadcom Corporation) offers networking software that accelerates the development of switches, routers, access and networking appliance devices. Designed for the Enterprise, Metro, Access, Appliance and Wireless markets, LVL7 enables OEMs and System Integrators to reduce costs and get to market faster. LVL7's FASTPATH(tm) software includes verified protocols and applications, as well as assembly and device driver code. FASTPATH runs across multiple embedded operating systems (including VxWorks® and Linux®) and is integrated with network processors, coprocessors and networking ASICs from leading merchant silicon providers.

NeoPath Networks (acquired by Cisco) is developing appliances to deliver Network File Management (NFM) solutions, which allow transparent scaling of network storage; better utilization of existing storage resources; and intelligent placement of files to optimize access and protection, while lowering administration and storage costs.

NetScaler (acquired by Citrix) is the global leader in developing high-performance Internet traffic management solutions. NetScaler's award-winning product family applies the company's breakthrough, patent-pending Request Switching technology to deliver best in class web site throughput, scalability, site protection and network ROI. The company's advanced traffic management approach allows Internet infrastructure managers to deliver more users, faster responses, and greater availability using fewer infrastructure resources.

PlaceWare (acquired by Microsoft) was created to provide companies with an entirely new way to improve their business communications - live meetings over the Internet to communicate with customers, partners, employees, and prospects.

Provogue (IPO) is a leading IT-enabled organized retail chain in India that leverages advanced IT supply chain distribution and utilization. Provogue is a trendsetter in technology-enabled retail services space in India.

Tejas Networks India, Ltd. (interest in Tejas sold July 2007) is focused on developing and selling leading-edge optical networking products for worldwide customers. Tejas has developed software-differentiated, next-generation SDH/SONET products that enable telecommunication carriers to build converged networks that support traditional voice-based services as well as new data-dominated services.