The Millennium team blends deep experience in venture and technology investing with the financial sophistication that comes from similarly deep experience in private equity and investment banking. Members of the Millennium team have been involved with every type and stage of venture capital, growth equity, and private equity investment, from startups to public companies. As entrepreneurs, members of Millennium’s team have founded, grown and successfully exited numerous technology companies.
The team’s experiences prior to Millennium include The Blackstone Group, Venrock, Institutional Venture Partners, Rho Ventures, Credit Suisse, JP Morgan, Salomon Brothers, OpenPeak, StorageApps, and Google.
Sam Schwerin is a co-founder and Managing Partner of Millennium Technology Value Partners. He is a seasoned executive with significant experience in private equity, investment banking, restructuring, turnarounds, and operational management in prior roles at The Blackstone Group, Salomon Brothers, StorageApps Inc. and OpenPeak Inc. In total, he has completed more than 200 transactions involving $50 billion of principal investments, mergers, acquisitions, restructurings, and debt and equity financings.
Sam is a frequent speaker and commentator on the need for innovation within the private equity ecosystem. Under his leadership, Millennium has become a recognized leader and pioneer of the secondary market for venture capital and growth equity assets. Since 2001, Sam has served as a trusted partner and advisor to many of the world's leading technology companies and their shareholders as they have considered growth financings, venture debt and alternate liquidity solutions.
Sam is responsible for current investments in Facebook (NASDAQ: FB), Twitter (NYSE:TWTR), Chegg (NYSE: CHGG), Good Technology, Lookout, BeachMint, Inspirato, Alibaba and iPass (NASDAQ: IPAS), where he is a member of the Board of Directors. In addition, Sam was responsible for prior realizations that include Agility Communications (acquired by JDS Uniphase), Aventail (acquired by SonicWALL), Axsun Technologies (acquired by Volcano Corporation), Datapipe (acquired), First Virtual Communications (acquired by RADVISION), HauteLook (acquired by Nordstrom), Indus (NASDAQ: IINT), ID Analytics (acquired by LifeLock), NetSpend (NASDAQ: NTSP, acquired by TSYS), Ning (acquired by Glam Media), Phobos (acquired by SonicWALL), PlaySpan (acquired by Visa), Requisite Technology (acquired by Click Commerce), StorageApps (acquired by Hewlett-Packard), Tellme Networks (acquired by Microsoft), Wayport (acquired by AT&T) and Zappos (acquired by Amazon).
Sam was previously with The Blackstone Group where he focused on a combination of venture capital investments and multi-billion dollar merger and acquisitions advisory assignments. He also worked at Salomon Brothers in the Mergers & Acquisitions and Leveraged Finance groups, in addition to executing corporate and municipal restructurings, and the firm's own principal and bridge loan investments.
Sam has been involved in the founding and management of several successful companies. Most recently, he co-founded and served as CFO and Vice President, Corporate Development at OpenPeak, a leading mobile enterprise management company. Prior to OpenPeak, Sam served as Vice President of Finance and Strategy at StorageApps, a pioneering storage virtualization and network management company acquired by Hewlett-Packard in a transaction valued at $350 million.
Sam earned his Master of Business Administration from The Wharton School at the University of Pennsylvania and a Bachelor of Science from Lehigh University. He has been a member of the Council on Foreign Relations and the Lehigh Leadership Council.
Managing Partner & Founder
Dan Burstein co-founded Millennium Technology Value Partners with Sam Schwerin more than a decade ago. He has been actively involved in many of Millennium's most important investments and led the firm's investment in Twitter (NYSE: TWTR).
Before Millennium, Dan was Senior Advisor at The Blackstone Group, where he worked for 12 years in a variety of capacities. Over the course of his career, he has been a consultant to the CEOs and senior executives of major global corporations including Sony, Toyota, Microsoft, and Sun Microsystems.
During the last fifteen years, Dan has served on more than a dozen public and private company boards. He has also been a forum fellow at the World Economic Forum in Davos and has been honored many times for his books and journalistic work, including awards from the Overseas Press Club and Sigma Delta Chi. He and his Millennium partner, Sam Schwerin, have co-authored several thought-leading articles and white papers on the Direct Secondary Market and the ever-growing, ever-evolving role of alternative liquidity solutions to address the needs of constituents in the venture capital ecosystem. AlwaysOn named Dan to its lists of the top 100 Power Players in New York’s venture capital community and the top 100 Power Players in Digital Media.
Dan has made personal venture capital investments since 1983, when he first worked as a consultant in Silicon Valley. He began making institutional venture capital investments in the second half of the 1990s. He articulated and led an investment thesis that focused on early stage companies that were building backbone infrastructure for the Internet and enhancing the security, reliability, and user experience of the web. The small funds he led experienced extraordinary returns available in that time period for this investment thesis.
The New York Times bestselling author of 14 books, Dan has written about technology trends, global economic issues, and popular culture. Among his path-breaking books are Yen! a 1988 global bestseller about the rise of Japanese financial power; Road Warriors, a 1995 book about the birth of digital media and the Internet; Big Dragon, a 1998 book about China's future; Secrets of the Code, a 2004 guidebook to the Da Vinci Code that was on the New York Times bestseller list for six months; Blog! a pioneering 2005 book about new developments in Web 2.0 businesses and social media; and Secrets of 24, about the political, moral, and technological issues in the TV series "24."
His 2011 book, THE TATTOOED GIRL: The Enigma of Stieg Larsson and the Secrets Behind the Most Compelling Thrillers of our Time, was nominated for the prestigious Edgar Award from the Mystery Writers of America. His latest book is Secrets of Inferno: In the Footsteps of Dante and Dan Brown.
Dan’s books have been published in more than 32 languages and several have been turned into documentary films. He is a frequent speaker at venture capital events and has made numerous TV appearances on CNN, CNBC, MSNBC, the History Channel, Charlie Rose, and Oprah. He is currently at work on a new book about the impact of new digital technologies and social media on human thought, culture, and evolution.
Actively involved in several community initiatives in Connecticut where he lives, Dan was a founding Board member of the Weston Education Foundation and has served on the Advisory Board for the Westport Youth Film Festival (WYFF) since its inception in 2004. He was honored with WYFF’s Founder’s Award in 2010 for his community service.
Max Chee joined Millennium in 2005 and has led numerous Millennium investments including ArcSight (acquired by HPQ), Airvana (acquired by SAC Capital), Green Dot (GDOT), RigNet (RNET), Epocrates (EPOC), Acronis, MarkLogic, Tumblr (acquired by YHOO), LegalZoom, and ETF Securities, where he serves on the Board.
Max has more than 14 years of experience as a private equity and venture capital investor. Prior to Millennium, he worked for Mellon Ventures, where he led investments in enterprise software, business services, communications, IT infrastructure, and traditional growth capital. Earlier in his career, Max was an investment banker at Salomon Brothers in New York City. He also worked in Salomon's Asia-Pacific Investment Banking Group in Hong Kong covering corporate clients throughout the region.
Max received his Master of Business Administration from The Wharton School at the University of Pennsylvania, and a Bachelor of Commerce degree from Queen's University in Canada.
Dan Borok has more than 10 years of experience as a venture capital investor and as a corporate finance professional. At Millennium, Dan focuses on Internet and software investments.
Dan has led Millennium's investments Tremor Video (TRMR), Yodle, MarkLogic, SugarCRM, Watchdox, and Janrain, where he serves on the Board of Directors. He is active in managing Millennium's investments in eHarmony, Facebook, LiveOps and WildTangent. Dan was also involved in prior Millennium realizations including HauteLook (acquired by Nordstrom), PlaySpan (acquired by Visa), DataPipe, Requisite Technology (acquired by Click Commerce), Tellme Networks (acquired by Microsoft), and Zappos (acquired by Amazon).
Prior to joining Millennium, Dan had extensive experience in digital media, advertising, and services. He was one of Google's early employees in its New York City office. Prior to Google, Dan worked in the media division at DoubleClick. He began his professional career in the digital advertising group at J. Walter Thompson in New York. Dan received a Master of Business Administration from Columbia Business School with Dean's List honors and a Bachelor of Arts from the University of Vermont. He is a founding steering committee member of the New York City Venture Connection (NYCVC), the premier organization for venture professionals in New York.
Chief Financial Officer
Jon Glass is Millennium’s Chief Financial Officer and takes the lead role in managing Millennium’s financial operations. Prior to joining Millennium, Jon was the Vice President of Finance and Tax and Controller of Venrock, one of America’s oldest and most prestigious venture capital firms. Jon played a significant and diversified role in managing Venrock’s financial reporting, portfolio monitoring, and performance functions, overseeing Venrock’s operations, and managing its capital calls and distributions. Jon’s role at Venrock included leading the Firm’s tax function by serving as the point person on transaction structuring, international initiatives, fund liquidation, tax withholding for foreign partners, limited partner and general partner tax planning. Before Venrock, Jon was Controller for Greenbriar Equity Group, a private equity fund focused on transportation companies. Jon’s career includes seven years of Big Four public accounting experience. As a tax manager with Deloitte & Touche, Jon focused on serving private equity clients and other investment partnerships as well as investment banking clients focusing on corporate activities and complex transactions.
Jon earned his Master in Business Administration from Fordham University and a Bachelor’s of Science from Boston University. He is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants (AICPA).
Joe Kao joined Millennium in 2008 and focuses on investments in enterprise software and new financial technologies and markets. He is active in managing Millennium’s investments in Good Technology, Lookout Mobile Security, Art.com, iPass (IPAS), Green Dot (GDOT) and LifeLock (LOCK).
Joe has been involved with prior Millennium realizations including NetSpend (IPO, then acquired by TSYS), Wayport (acquired by AT&T), PlaySpan (acquired by Visa), DataPipe, ID Analytics (acquired by LifeLock), Tumblr (acquired by Yahoo) and HauteLook (acquired by Nordstrom).
Previously, he was with Garnett & Helfrich Capital, where he specialized in venture buyout transactions. He sourced and evaluated new investments, mainly in the areas of IT infrastructure, application software, and mobility, and worked closely with portfolio company managers on strategic and operational initiatives.
Prior to Garnett & Helfrich, Joe worked in the mergers and acquisitions group at Credit Suisse, with a primary focus on clients in the technology and pharmaceutical industries. He advised clients on buy-side, sell-side, and strategic advisory assignments, resulting in over $7.5 billion of aggregate transaction value. Joe was also a management consultant at McKinsey and Company.
Joe earned his Master of Business Administration from The Wharton School at the University of Pennsylvania and a Bachelor of Arts from Stanford University, where he was a President’s Scholar. He was also a member of the men’s varsity tennis team at Stanford.
Michael McLean joined Millennium in 2013 as a Senior Associate. Previously, he was a Product Manager with Zynga, an online social gaming company. Mike began his career in venture capital at Institutional Venture Partners (IVP), where he specialized in late-stage venture and growth equity transactions. He sourced and evaluated new investments, primarily in the enterprise software and Internet verticals. He also worked closely with select portfolio companies, including Aster Data Systems (acquired by Teradata), HomeAway, Spiceworks, Yext, and Omniture (acquired by Adobe).
Prior to IVP, Mike worked as an investment banker at JPMorgan, on the technology, media, and telecom team. While at JPMorgan, he worked on a number of IPO transactions, as well as strategic advisory assignments.
Mike earned his Master of Business Administration from The Kellogg School of Management at Northwestern University and a Bachelor of Arts from Stanford University. While at Stanford, he was a member of the men’s varsity swim team.
Ray Cheng joined Millennium in 2012 as an Associate. Prior to Millennium, Ray spent three years with Rho Ventures where he was a Senior Analyst in their New York office. At Rho, Ray focused on investments in internet companies, software services and clean technology. He was involved with Rho’s investments in OMGPOP (acquired by Zynga), Vidyo, Totsy, Precision Demand, Coulomb Technologies, SolarBridge Technologies, Innova Dynamics, Enerkem and Ciris Energy.
While earning his degrees, Ray served as an Engagement Manager for the Wharton Small Business Development Center. He also interned as an investment banking analyst for JPMorgan, Merrill Lynch, and BNP Paribas.
Ray graduated from the University of Pennsylvania with a Bachelor of Science in Economics from The Wharton School and a Bachelor of Science in Electrical Systems Engineering from the School of Engineering and Applied Sciences.
Brian Waterhouse joined Millennium in 2008 after working as a part-time Associate at the Firm. Previously, Brian was an analyst at Longbow Holdings, a private equity investment practice within a family endowment. He also interned with UBS in its special situations group. As a student, Brian worked at the University of Utah Endowment Fund. During his tenure, he helped increase the Endowment’s exposure to alternative assets. Throughout his undergraduate studies he was an Associate at the University Venture Fund, which is the largest student-run venture capital firm in the nation.
Brian received his Bachelor of Science degree from the University of Utah, where he majored in Honors Finance.
Ed Fenster is the co-founder and CEO of SunRun, Inc. a California-based solar energy company serving the residential market with solar power solutions. Prior to starting SunRun, Ed was CEO of Avestar-IP, LLC and Director of Corporate Development at Asurion Corporation. Ed completed more than $10 billion in private equity and merger and acquisitions transactions while at The Blackstone Group in New York. Ed’s investing activities have included companies headquartered in six countries and sectors as diverse as energy, telecommunications, biotechnology, software, industrials, and consumer and financial services. Ed holds an MBA from Stanford University and a BA from The Johns Hopkins University.
Matt Miller has worked in technology companies for more than thirty years. He has significant experience as an operating executive with an emphasis in semiconductors and broadband digital communications. A serial entrepreneur, Miller was most recently CEO of Multispectral Imaging, Inc., from its formation in 2004 through its sale in 2008. He was CEO of NxtWave Communications, Inc., a leading supplier of semiconductor chips for emerging digital television markets world-wide, from 1997 until its acquisition in 2002 by ATI Technologies. Prior to NxtWave, Miller was Vice President of Technology at General Instrument Corporation, where he was a line report to Donald Rumsfeld during the company’s privatization and turn-around period as a Forstmann Little portfolio company. He played a significant role in the formulation and execution of the company’s broadband digital strategy, including major contributions to the development of digital television, optical communications for cable television, and cable modems. Before joining General Instrument, Miller was Vice President of Technology at Viacom, a horizontally integrated communications company with interests in cable and satellite television. Miller has also consulted extensively to both the private equity and venture capital communities and has served on numerous boards of directors of public and private companies in addition to having served on investor advisory boards. Miller holds a Bachelor’s degree in Physics from Harvard University and a Ph.D. in Physics from Princeton University.
Dan Gittleman is the founder, Chairman, and CEO of OpenPeak Inc., a leading developer of software designed to control wireless home and office networks and digital media. Previously Dan founded RAID Power Services, Inc. in 1995, before repositioning the company in 2000 as StorageApps Inc. Under his leadership, the company quickly tripled revenues and margins and became the number two worldwide market leader in storage management software according to Gartner/Dataquest. He was also responsible for establishing partnership relationships with Dell, Hitachi Data Systems, IBM, Hewlett-Packard, and others that eventually led to a highly successful acquisition of StorageApps by Hewlett-Packard, in 2001. He is a frequent industry speaker on subjects ranging from wireless technology to storage and digital media.
Peter Peterson *
Special Limited Advisory Partner
Pete Peterson is Senior Chairman and Co-Founder of The Blackstone Group. He is Chairman Emeritus of the Council on Foreign Relations and Chairman of the Council on Foreign Relation’s International Advisory Board. He is also founding Chairman of the Peterson Institute for International Economics (Washington, D.C.) and founding President of The Concord Coalition. Peterson was the Co-Chair of The Conference Board Commission on Public Trust and Private Enterprise. He was also Chairman of the Federal Reserve Bank of New York from 2000 to 2004.
Prior to founding Blackstone, Peterson was Chairman and CEO of Lehman Brothers (1973–1977) and later Chairman and CEO of Lehman Brothers, Kuhn, Loeb Inc. (1977–1984). He was Chairman and CEO of Bell and Howell Corporation from 1963 to 1971.
In 1971, President Richard Nixon named Mr. Peterson Assistant to the President for International Economic Affairs. He was named Secretary of Commerce by President Nixon in 1972. At that time he also assumed the Chairmanship of President Nixon’s National Commission on Productivity and was appointed U.S. Chairman of the U.S.–Soviet Commercial Commission, which negotiated comprehensive trade, Ex-Im credit, arbitration, copyright, and lend-lease agreements.
Peterson was formerly a Director of Sony, Minnesota Mining and Manufacturing Company, Federated Department Stores, Black & Decker Manufacturing, General Foods, RCA, The Continental Group, Cities Service, and the Public Agenda Foundation. Mr. Peterson is a director of The India Fund, Inc. and The Asia Tigers Fund, Inc. and has served on a number of other corporate boards. He is a Trustee of the Committee for Economic Development, the Japan Society and the Museum of Modern Art, and a Director of the National Bureau of Economic Research and The Nixon Center. Peterson is the author of several books, including Running On Empty: How the Democratic and Republican Parties are Bankrupting Our Future and What Americans Can Do About It; Gray Dawn: How the Coming Age Wave Will Transform America and the World; Will America Grow Up Before It Grows Old?; and Facing Up: How to Rescue the Economy from Crushing Debt and Restore the American Dream.
He has been awarded honorary PhD degrees by Colgate University, Georgetown University, George Washington University, Northwestern University, New School University, the University of Nebraska, the University of Rochester, and Southampton College of Long Island University. In 2007, he launched the Peter G. Peterson Foundation, with the aim of increasing public awareness of the nature and urgency of several key challenges threatening America’s future, including large and growing budget deficits, low national and personal savings rates, and a ballooning national debt that endangers the viability of Social Security, Medicare, and the U.S. economy itself.
Dale Kutnick is currently Senior Vice President, Executive Programs, at Gartner, Inc. This program offers syndicated, consultative services to over 3,600 Chief Information Officers (CIOs) worldwide. Dale has also led marketing and strategic planning initiatives for Gartner. He was previously co-founder, Chairman, and the long-time CEO of META Group, Inc., a research, advisory, and consulting firm focusing on information technology and business transformation. Dale served as President, CEO and Research Director of META Group from its 1989 inception until 2003. Prior to co-founding META Group, Dale was Executive Vice President, Research, at Gartner Group, and an Executive Vice President at Gartner Securities. Prior to Gartner (1978-1985), Dale was Executive Director and Research Director at Yankee Group and a Principal at Battery Ventures. Dale is also on the Board of Directors of Broadpoint Securities Group and on the advisory boards of Lux Research and Akademos. He advises senior executives and is a frequent speaker and writer on a broad range of information technology and business topics. Dale is a graduate of Yale University.
Tom Todaro is CEO of Targeted Growth, Inc., a Seattle-based crop biotechnology company he co-founded in 1999. The company is focused on developing products with enhanced yield and improved quality for the agriculture and energy industries. Tom is the former General Manager of Alamar Farms Ltd., a Canadian dairy processor located in Vancouver, B.C., and is a member of the Board of Directors of BonLac Dairies in Panama City, Panama. Tom served as Senior Vice President of Mergers & Acquisitions at PayPal, where he was responsible for all aspects of M&A, both national and international. He was involved in raising over $200 million in equity capital and the IPO of PayPal at a $1.2 billion valuation in 2002. Tom was also co-founder and principal of Venture Asset Partners, where he managed the restructuring and asset sales of Exodus Communications after its bankruptcy, including the sale and reorganization of the firm’s $200 million private equity portfolio. Tom holds a Bachelor’s degree from The Colorado College and a Master’s in Economics from Stanford University.
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