Patricia Cloherty
Encyclopedia
Patricia Cloherty, age 71, served as chairman and CEO of Delta Private Equity Partners. Cloherty served as manager of the U.S. Russia Investment Fund and Delta Russia Fund, two venture capital
funds operating in Russia. The funds made direct equity investments in Russian companies in the financial services sector, consumer-related industries, and in the media, telecommunications, semiconductor and biotechnology fields. In an interview in Private Equity International, Cloherty discussed her track record in Russia included 14 write-offs and an expected return of 1.2 times capital for her first fund, TUSRIF.
) and two Master's degrees from Columbia University
. After graduation, Cloherty spent two years in Brazil from 1963 through 1965 as a member of the newly created Peace Corps
.
Cloherty began her career in venture capital
at Patricof & Co. Ventures, which she joined in 1969. She was named a partner and later would become president and co-chair of the firm, along with founder Alan Patricof
. After she left the firm, Patricof & Co. (now known as Apax Partners
), is one the largest private equity firms globally.
In 1977, Cloherty was appointed Deputy Administrator of the U.S. Small Business Administration by President Jimmy Carter
. In 1979, she founded and ran Tessler & Cloherty with her husband Daniel Tessler, which specialized in small businesses. In 1991, U.S. President George H.W. Bush appointed Ms. Cloherty as Chairman of an Investment Advisory Council to revamp the Small Business Investment Company program of the U.S. Small Business Administration. In 1995 President Clinton appointed Ms. Cloherty a board member of the U.S.-Russia Investment Fund with $440 million of investment capital. In 1998 she assumed the role of Chairman, and in 2003 she became Chairman and Chief Executive Officer of the US Russia Investment Fund's general partner: Delta Private Equity Partners.
In both 2006 and 2007, Ms. Cloherty was elected by Forbes Magazine to its "Midas List" of the 100 most influential dealmakers and investors in the world.
In April 2009, Private Equity International magazine reported that Delta Private Equity Partners was collaborating with UFG Private Equity, one of its limited partners, and was considering a merger with them.
She is a trustee of International House of New York
, Teachers College, Columbia University
and the Ewing Marion Kauffman Foundation
and is a member of the Council on Foreign Relations
. Cloherty is a former president and chairman of the National Venture Capital Association
, the national advocacy group for venture capital firms in the U.S. Cloherty served on the Board of Directors of Accion International
from 1982 to 1986.
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
funds operating in Russia. The funds made direct equity investments in Russian companies in the financial services sector, consumer-related industries, and in the media, telecommunications, semiconductor and biotechnology fields. In an interview in Private Equity International, Cloherty discussed her track record in Russia included 14 write-offs and an expected return of 1.2 times capital for her first fund, TUSRIF.
Career
Cloherty earned a Bachelor's degree in 1963 from the San Francisco College for Women (now part of the University of San FranciscoUniversity of San Francisco
The University of San Francisco , is a private, Jesuit/Catholic university located in San Francisco, California. Founded in 1855, USF was established as the first university in San Francisco. It is the second oldest institution for higher learning in California and the tenth-oldest university of...
) and two Master's degrees from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
. After graduation, Cloherty spent two years in Brazil from 1963 through 1965 as a member of the newly created Peace Corps
Peace Corps
The Peace Corps is an American volunteer program run by the United States Government, as well as a government agency of the same name. The mission of the Peace Corps includes three goals: providing technical assistance, helping people outside the United States to understand US culture, and helping...
.
Cloherty began her career in venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
at Patricof & Co. Ventures, which she joined in 1969. She was named a partner and later would become president and co-chair of the firm, along with founder Alan Patricof
Alan Patricof
Alan Patricof is an American investor and one of the early pioneers of the venture capital and private equity industries. Patricof founded Apax Partners , which is today one of the largest private equity firms globally.-Career:Over the course of his 40-year career in...
. After she left the firm, Patricof & Co. (now known as Apax Partners
Apax Partners
Apax Partners LLP is a global private equity and venture capital firm, headquartered in London. The company also operates out of eight other offices in New York, Hong Kong, Mumbai, Tel-Aviv, Madrid, Stockholm, Milan and Munich. The firm, including its various predecessors, have raised...
), is one the largest private equity firms globally.
In 1977, Cloherty was appointed Deputy Administrator of the U.S. Small Business Administration by President Jimmy Carter
Jimmy Carter
James Earl "Jimmy" Carter, Jr. is an American politician who served as the 39th President of the United States and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office...
. In 1979, she founded and ran Tessler & Cloherty with her husband Daniel Tessler, which specialized in small businesses. In 1991, U.S. President George H.W. Bush appointed Ms. Cloherty as Chairman of an Investment Advisory Council to revamp the Small Business Investment Company program of the U.S. Small Business Administration. In 1995 President Clinton appointed Ms. Cloherty a board member of the U.S.-Russia Investment Fund with $440 million of investment capital. In 1998 she assumed the role of Chairman, and in 2003 she became Chairman and Chief Executive Officer of the US Russia Investment Fund's general partner: Delta Private Equity Partners.
In both 2006 and 2007, Ms. Cloherty was elected by Forbes Magazine to its "Midas List" of the 100 most influential dealmakers and investors in the world.
In April 2009, Private Equity International magazine reported that Delta Private Equity Partners was collaborating with UFG Private Equity, one of its limited partners, and was considering a merger with them.
Other affiliations
Ms. Cloherty is a director of NYSE Euronext.She is a trustee of International House of New York
International House of New York
International House New York, also known as I-House, is an unaffiliated and non-profit residence hall for graduate students, scholars engaging in research, trainees and interns...
, Teachers College, Columbia University
Teachers College, Columbia University
Teachers College, Columbia University is a graduate school of education located in New York City, New York...
and the Ewing Marion Kauffman Foundation
Ewing Marion Kauffman Foundation
The Ewing Marion Kauffman Foundation is a non-profit foundation based in Kansas City, Missouri. It has an asset base of $2 billion...
and is a member of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
. Cloherty is a former president and chairman of the National Venture Capital Association
National Venture Capital Association
The National Venture Capital Association is the leading trade association representing the venture capital industry in the U.S. The NVCA represents the venture industry in public policy debates in Washington, DC, and promotes high professional standards, professional development, and interaction...
, the national advocacy group for venture capital firms in the U.S. Cloherty served on the Board of Directors of Accion International
Accion International
ACCION International is a nonprofit organization that supports microfinance institutions in their work to provide financial services to low-income clients. ACCION provides management services, technical assistance, debt and equity investment and training to microfinance institutions and...
from 1982 to 1986.