A Conversation with John "Jack" Wadsworth, Jr., Honorary Chairman of Morgan Stanley Asia (Interview)
Journal of Asia Business Studies, 2008, Spring, 2, 2
Journal of Asia Business Studies
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JABS: Morgan Stanley is very active in the venture capital investment business. How did Morgan Stanley get involved in this business in the first place? A: Morgan Stanley, in the United States, started the venture capital business in 1982. It was driven by our entry into the high tech investment business. Our first deal was the IPO for Apple Computer. We learned a lot. We recognized that venture capital investment, if successful, can make a lot more money than underwriting an IPO. We also learned that financial organizations and investment banks are not equipped to do start-ups. The companies that can do start-ups are the specialized tech venture firms. These companies are comprised of engineers and people who have run start-up companies and people who are experienced in the venture capital business. The best way for Morgan Stanley to participate in that opportunity would be to link up with a handful of leading specialized startup firms. So, we entered the venture capital business in the United States, and raised a $15 million fund for Kleiner Perkins in 1982. This earned us a small stake in their general partnership and a friendship that still exists today. We probably have done 45% of their IPOs. That strategy paid off.
- 2,99 €
- Category: Finance
- Published: 22 March 2008
- Publisher: Emerald Group Publishing, Ltd.
- Print Length: 10 Pages
- Language: English