Vedanta Capital Announcement - May 18, 2006

Three Venture Capital Veterans Launch Vedanta Capital

NEW YORK, May 18 /PRNewswire/ — Parag Saxena, Alessandro Piol and Howard Goldstein, formerly of Invesco Private Capital, have launched Vedanta Capital, a diversified venture capital concern.

Vedanta initially will focus on venture investments but anticipates a wider array of global venture capital and private equity activities. Saxena, Piol and Goldstein led investments in their respective practices and were the senior-most principals of the Invesco Private Capital team, which, at its peak, managed over $8 billion and has invested in approximately 300 companies and 400 venture capital and private equity funds. Saxena and Goldstein have been investing together since 1984. Piol joined them in 1995.

"Vedanta Capital is a great opportunity to leverage the expertise we have acquired over so many years of working together," says Parag Saxena, a partner of the firm.

A co-founder and managing partner of Invesco Private Capital, Saxena began as an investment professional at Citicorp Investment Management in 1983, and has been with the group ever since. He also serves on the Foreign Direct Investment task force reporting to the Prime Minister of India as well as on its Committee on Venture Capital and Innovation.

Howard Goldstein joined Citicorp Investment Management in 1984, and continued when it was spun off into Chancellor Capital Management.

Chancellor was acquired by Invesco in 1998. Goldstein led the consumer and retail practice. Piol, who led the technology and new media practice, co-founded AT&T Ventures in 1991. He joined Saxena and Goldstein four years later.

SOURCE Vedanta Capital