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Cleveland-based venture capitalist Crystal Internet Venture Funds LP has begun pitching previous and potential investors for a new fund totaling up to $150 million.
The firm, based downtown in a Chester Avenue office, also will adopt a new name either Crystal International Ventures or simply Crystal Ventures - to reflect a shift in its investment strategy as it focuses on computer hardware or software companies in U.S. and Asian markets and de-emphasizes Internet startups, said managing director Daniel Kellogg.
While the Internet led to several interesting business opportunities for Crystal's two previous funds, Mr. Kellogg said the new
fund will be invested in companies either started in the United States and expanded into China, Singapore or Taiwan, or Asian companies that can expand into the United States.
"We've licked our wounds from the Internet bubble," Mr. Kellogg said. "It turns out the Internet does make money ... (But) the Internet is now a tool causing globalization to accelerate."
Mr. Kellogg said he expects about half the new fund to be invested in companies in Asia and half in U.S. companies.
The venture firm has been the subject of much grousing by local entrepreneurs frustrated that it has invested in only...