Alan Patricof, born in 1934, is widely regarded as a pioneering figure in the venture capital industry. With a career spanning over six decades, Patricof has been instrumental in shaping the modern venture capital landscape. He co-founded some of the most influential investment firms, including APAX Partners and Greycroft, and his discerning investment choices have made him a key player in the growth of startups that have since become household names. As of 2024, Patricof’s net worth is estimated to be around $150 million, a reflection of his visionary investments and entrepreneurial drive.
Personal Info
- Full Name: Alan Patricof
- Date of Birth: 1934
- Place of Birth: United States
- Education: BS Ohio State University, MBA Columbia University
- Occupation: Venture Capitalist, Entrepreneur, Author
- Net Worth: $150 million (as of 2024)
- Spouse: Susan Hatkoff
- Firms Founded: APAX Partners, Greycroft
- Notable Investments: Apple, AOL, Office Depot, Audible, Axios, Thrive Global
- Political Involvement: Longtime Democratic supporter and fundraiser, finance chairman for Hillary Clinton’s 2000 Senate campaign
- Book: No Red Lights (released May 2022)
- Philanthropy: Co-founder of New York Magazine, involvement in various charitable initiatives
Early Life and Education
Born in 1934, Alan Patricof’s journey to becoming a financial titan began with his education. He earned his bachelor’s degree from Ohio State University in 1955 before pursuing an MBA at Columbia University. His academic background in finance laid the foundation for his later success in venture capital and private equity.
Founding APAX Partners: A Game-Changer in Venture Capital
In 1969, Alan Patricof founded APAX Partners (originally known as Patricof and Company Ventures) with the mission of providing investment capital to early-stage startups. This move positioned him as a pioneer in venture capital at a time when the industry was still in its infancy. Over the years, APAX Partners became one of the largest and most influential private equity firms, investing in companies across a wide array of sectors, from technology to media.
One of Patricof’s early notable investments was in Apple, purchasing stock when the company’s market valuation was a mere $60 million. He also backed companies like America Online (AOL), Office Depot, Audible, and New York Magazine, demonstrating a keen ability to identify potential in nascent enterprises. His role in shaping these companies contributed significantly to his personal wealth and solidified his reputation as one of the leading figures in venture capital.
The Birth of Greycroft: Adapting to a New Era of Investing
In 2006, Patricof co-founded Greycroft, a venture capital firm focused on early-stage investments. The creation of Greycroft came after APAX Partners shifted its focus to more mature, less risky investments. Patricof, however, remained committed to supporting startups and emerging companies, which led him to establish Greycroft.
Greycroft has made substantial investments in companies like Blinkist, Comparably, and Fetch Rewards, contributing to the firm’s rapid growth. As chairman emeritus, Patricof continues to play an influential role in Greycroft’s strategic decisions and investments. His forward-thinking approach, combined with decades of experience, has helped him maintain a significant presence in the world of venture capital well into his late 80s.
A Lifelong Advocate for the Democratic Party
Beyond his accomplishments in venture capital, Alan Patricof has been an active supporter of the Democratic Party. He first rose to political prominence in 1992 when he served as chairman of Entrepreneurs for Clinton, helping to rally financial support for Bill Clinton’s presidential campaign. Patricof’s political involvement did not stop there. He and his wife, Susan Hatkoff, became key contributors to both the 1992 and 1996 Clinton campaigns, donating over $90,000.
When Hillary Clinton ran for New York Senate in 2000, Patricof was her finance chairman, playing a pivotal role in her campaign. His loyalty to the Clintons continued into the 2008 Democratic primaries, where he backed Hillary Clinton over Barack Obama, even signing a letter urging then-House Speaker Nancy Pelosi to withdraw her support for Obama. Throughout his career, Patricof has hosted numerous fundraising events for Democratic candidates and has been a vocal critic of former President Donald Trump.
Author and Advocate: No Red Lights
In 2022, Patricof released his autobiography No Red Lights, offering an in-depth look at his career and the evolution of the venture capital industry. The book chronicles Patricof’s remarkable journey, from his early days in finance to his involvement with companies like Apple and AOL, giving readers a rare glimpse into the decision-making process behind his successful investments. The title reflects his philosophy of always moving forward, a mantra that has guided him throughout his life.
Philanthropy and Media Involvement
In addition to his work in venture capital, Patricof has been involved in various philanthropic efforts, particularly in the media industry. He co-founded New York Magazine, serving as its chairman of the board. Patricof has also been involved with Thrive Global, a wellness and behavior-change brand founded by Arianna Huffington, which Greycroft continues to invest in.
Alan Patricof’s Legacy
Alan Patricof’s contributions to venture capital, private equity, and the media industry have left an indelible mark on the business world. His ability to recognize potential in early-stage companies has led to the growth of some of the most successful businesses in history. As chairman emeritus of Greycroft, Patricof remains active in the investment world, continuing to support startups and guide the next generation of venture capitalists.
With a net worth estimated at $150 million, Alan Patricof’s financial success is only part of his legacy. His philanthropic efforts, political involvement, and pioneering work in venture capital make him a true icon in the world of finance and beyond.