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Of the joint venture assets, he said, "it's an incredible upgrade for us that would have been difficult — impossible — to replicate".
Venture Economics has reported that the value of venture assets in the four quarters ended Sept. 30, its most recent data, fell by 32percentt.
In addition, Rio Tinto said it "retains operational control of the joint venture assets, with clear governance arrangements and continued commercial marketing of joint venture product while maintaining its commitment to best practice and sustainable development".
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The flow of capital into the venture asset class may also moderate.
We spent a lot of effort trying to make that work in the 2000's and learned that these markets are not a venture asset class.
In today's zero interest rate environment, these investors are effectively "buying down" into the venture asset class, hoping to capture higher returns.
The rush to hunt unicorns is driving big money into the venture asset class, and much of it is ending up in these micro VC funds.
The clean tech area in particular, you could demonstrate a new technology for venture dollars but the production and scale up was hundreds of millions of dollars and therefore not a great venture asset class.
The venture's assets totaled $572 million.
It will assume control of all venture capital assets currently under the 11-year-old Pequot Ventures' aegis.
Yet the firm also reported that venture fund assets were down to levels of the mid-1990s, before the last decade's financial expansion.
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