FOR IMMEDIATE RELEASE	Contact: Margita Thompson
May 15, 2000	650-213-9059
National Venture Capital Association Announces the Opening of West Coast Office
PALO ALTO, CA – The National Venture Capital Association (NVCA) announced today the opening of an office on the West Coast. The office will work with California based venture capitalists, and the companies they have funded, to ensure that the vital role venture capital plays in driving economic growth is highlighted to elected officials, opinion leaders and the media. Tom McConnell, partner of New Enterprise Associates and Chairman-Elect of the NVCA, stated "For 27 years, the National Venture Capital Association has represented the venture capital industry from its office in the Washington, D.C. area. The opening of a West Coast office will allow the NVCA to increase the involvement of West Coast venture capitalists and entrepreneurs in the public policy process." For the eighth year in a row, venture capital commitments increased to $46.1 billion in 1999. California-based funds raised 35% of all commitments, accounting for $16.3 billion. This total was almost twice as large as the next highest state, New York, which raised $8.8 billion. Venture capital disbursements were $48 billion in 1999, with California disbursements reaching $20.7 billion. The Pacific Northwest and Northern California showed the largest percentage gains (210% and 215.2%) last year. "The level of venture capital activity on the West Coast made NVCA's expansion a logical decision. By having a California office, we will be able to leverage the concentrated venture capital community's presence, along with the many start-ups that are sprouting up throughout the West, to underscore the role venture capital has played in job creation, innovation and economic growth," said NVCA President Mark Heesen. Margita Thompson will serve as the Director of California Operations. Thompson previously served as California Press Secretary and Director of Communications for the Bush for President campaign. Before joining the Bush campaign, Thompson was Director of External Affairs for the Technology Network, a bipartisan public policy organization dedicated to advocating on behalf of New Economy interests. Previous to her tenure at TechNet, Thompson was a Vice President in the Texas based public affairs firm Public Strategies, Inc. Thompson also served in the Administration of former California Governor Pete Wilson. Thompson received her Bachelor of Arts from the University of California at Berkeley and her Master in Public Policy from Harvard University's John F. Kennedy School of Government. The National Venture Capital Association (NVCA) represents over 370 venture capital and private equity firms. NVCA's mission is to foster the understanding of the importance of venture capital to the vitality of the U.S. and global economies, to stimulate the flow of equity capital to emerging growth companies by representing the public policy interests of the venture capital and private equity communities at all levels of government, to maintain high professional standards, facilitate networking opportunities and to provide research data and professional development for its members. NVCA's affiliate, the American Entrepreneurs for Economic Growth (AEEG), represents the public policy interests of over 14,000 emerging growth companies. A2600 East Bayshore Road 1st Floor Palo Alto, CA 94303