ADVISORY BUSINESS AND STRATEGY
Millennium TVP Management Company, LLC (“TVP Management”) is a Delaware limited liability
company, which, together with its affiliated management company, Millennium TVP Management
Services, L.P. (“TVP Management Services”), a Delaware limited partnership, provides advisory
services to six private equity funds (the “Millennium Funds”) which are exempt from registration
under the Investment Company Act of 1940 (the “Act”), and whose securities are not registered
under the Securities Act of 1934, as amended (the “Securities Act”). TVP Management Services and
TVP Management (collectively acting as “Millennium” or the “Firm”), function together primarily as
a New York-headquartered investment advisor to the Millennium Funds.
Millennium provides investment advisory services to each of the Millennium Funds, which are
subject to direction and control of the affiliated General Partner of such Millennium Funds.
The Millennium Funds have a general broad mandate and flexibility to invest across various sectors
and geographies subject to certain limitations as outlined in each Millennium Fund Limited
Partnership Agreement (LPA). However, most of the Portfolio Companies in the Millennium Funds
are considered by most investors to be technology companies, or companies that benefit from a
significant technology component. Managing Partners Samuel L. Schwerin and Daniel L. Burstein
(collectively, the “Principals”) have been successfully executing Millennium's strategy for over 21
years.
The Millennium Funds have made investments over the years in a variety of modes--including not
only secondary liquidity-oriented investments, but primary investments, loans, IPOs of portfolio
companies, and public market investments.
SECONDARY AND ALTERNATIVE LIQUIDITY/PRIMARY FINANCINGS
As time to liquidity via IPO or M&A continues to extend, many companies are coming
to recognize
the benefit of an institutional approach to shareholder liquidity. Millennium works closely with
companies to implement liquidity programs designed to meet the strategic needs of management,
shareholders, and boards of directors. Over the last decade, Millennium has emerged as a leader
and innovator in alternative liquidity solutions based on its extensive track record in this format.
Millennium also makes primary investments into companies in the technology sector.
Millennium manages six (6) private equity funds (the “Millennium Funds”), all of which invest
utilizing the above-described strategies:
x Millennium Technology Value Partners, L.P.
x Millennium Technology Value Partners (RCM), L.P.
x Millennium Technology Value Partners II, L.P.
x Millennium Technology Value Partners II-A, L.P.
x Millennium NWS Holdings (Deep Instinct), LLC
x Millennium New Horizons (DI), LLC
Through the Millennium Funds, Millennium manages $194,654,272 in regulatory assets under
management, as listed on its Form ADV Part 1.
Samuel L. Schwerin and Daniel L. Burstein began investing using this strategy in 2002. TVP
Management was formed in late 2004 as part of the infrastructure for creating Millennium
Technology Value Partners L.P, which held its final close in 2006. This was followed by Millennium
Technology Value Partners II, L.P., which closed in 2010.
TVP Management has been in business for approximately seventeen years, and currently employs
five individuals, including four investment professionals, who have significant previous investment
experience, resulting in a strong team with relevant experience. TVP Management Services was
formed as a Relying Advisor in 2016 as part of an internal restructuring to combine the operations
of all funds under two entities. Millennium New Horizons Management was created in 2023, with
TVP Management as a minority owner.