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The telecom equipment maker sold 80% of its venture capital portfolio to London-based Coller Capital.
Of 40 companies in its venture capital portfolio, five were closed and four were sold.
The online retailers in CMGI's venture capital portfolio faced more bitter medicine.
Bowman Capital will be left with about $3 billion in assets, including a $1.25 billion venture capital portfolio.
The bank's stock fell 12percentt last year, partly because of losses in its venture capital portfolio.
Three of the biofuel start-ups in his venture capital portfolio had just gone public, and the stocks had risen considerably after their debuts.
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Of course, some companies unloading venture capital portfolios are failures themselves.
These odds play out in venture capital portfolios: more than half the companies will at best return only the original investment and at worst be total losses.
Combining data on investments and the composition of venture capital portfolios with a theoretical framework, Rhodes-Kropf and his colleagues found evidence that one of the significant technology shocks was the advent of Amazon's Web Services (AWS) in early 2006.
But researchers who compiled both studies said that more remarkable than the overall investments is their composition, in particular the emphasis on investments in companies already in the venture capital portfolios.
One study of venture capital portfolios by Venture Economics, Inc. indicates that about 7% of the investments account for more than 60% of the profits, while a full one-third result in a partial or total loss.
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