GSV Capital Corp., the publicly traded firm that invests in private venture-capital backed companies, hired former Wall Street analyst William Tanona as chief financial officer.
Tanona, 40, most recently a managing director at Fortress Investment Group LLC, previously covered banking stocks at UBS AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. He joins GSV to replace Stephen Bard, who resigned as CFO, according to a statement today from the Woodside, California-based investment firm. Bard will stay on in an advisory capacity.
GSV, which stands for Global Silicon Valley, invests in venture-backed companies before they’re taken public. The firm bought stakes in social-networking sites Twitter Inc. and Facebook Inc., and also has positions in Dropbox Inc. and Spotify Ltd.
GSV has dropped 18 percent this year after technology stocks slumped because of investor concern valuations for the fast-growing companies had gotten too frothy. The stock jumped 43 percent in 2013 when 12 VC-backed companies went public in the U.S. with market capitalizations above $1 billion at the time of offering.