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April 27, 2015 9:19 PM ET

Capital Markets

Company Overview of TL Ventures

Company Overview

TL Ventures is a venture capital firm specializing in seed/startup, early stage, emerging growth, and growth capital investments. The firm prefers to invest in information technology, software and services, internet, communications, financial technologies, and business services sectors. Within communications, the firm focuses on network and storage infrastructure (components, subsystems, systems and equipment for enterprise and carriers), software for managing the convergence of voice (fixed and wireless) and data network, and services (data, voice or wireless). Within information technology, software and services, the firm focuses on applications and infrastructure software. The firm primar...

435 Devon Park Drive

700 Building

Wayne, PA 19087-1990

United States

Founded in 1988

Phone:

610-971-1515

Fax:

610-975-9330

Key Executives for TL Ventures

Chief Executive Officer, Co-Founder, Managing Director, and President
Age: 72
Chief Financial Officer
Managing Director
Age: 55
Managing Director
Investment Partner
Age: 50
Compensation as of Fiscal Year 2014.

TL Ventures Key Developments

TL Ventures Inc. Settles with the Securities and Exchange Commission for Pay-to-Play Violations

TL Ventures Inc. has settled with the Securities and Exchange Commission (SEC) in a case involving pay-to-play rules for investment advisers. The SEC had alleged that the Philadelphia-area private equity firm had violated pay-to-play rules by continuing to receive advisory fees from city and state pension funds following campaign contributions made by an associate in 2011 to the governor of Pennsylvania and a candidate for mayor of Philadelphia. The firm agreed to settle the charges, paying nearly $300,000. Pay-to-play rules adopted in 2010 prohibit investment advisers from providing compensatory advisory services-either directly to a government client or through a pooled investment vehicle-for two years following a campaign contribution by the firm or certain associates to political candidates or officials in a position to influence the selection or retention of advisers to manage public pension funds or other government client assets. An SEC investigation found that TL Ventures violated pay-to-play rules by continuing to receive compensation from two public pension funds-Pennsylvania's state retirement system and Philadelphia's pension plan-within two years after an associate made a $2,500 campaign contribution to a Philadelphia mayoral candidate and a $2,000 campaign contribution to the governor of Pennsylvania. The mayoral position appoints three of the nine members of the Philadelphia Board of Pensions and Retirement, says the SEC, and a mayor can therefore influence the hiring of investment advisers for the public pension fund. The 11-member board of Pennsylvania's state retirement system includes six gubernatorial appointees. Therefore, says the SEC, a governor can influence the hiring of investment advisers for the public pension fund. After the contributions, TL Ventures improperly continued to receive compensation from the pension funds for those advisory services. The SEC's orders instituting settled administrative proceedings also charged TL Ventures and an affiliated adviser, Penn Mezzanine Partners Management L.P., with improperly acting as unregistered investment advisers. According to the orders, TL Ventures and Penn Mezzanine separately claimed to be exempt from SEC registration in March 2012. However their operations were closely integrated and significantly overlapped. Because they were not operationally independent of each other, TL Ventures and Penn Mezzanine should have been integrated as a single investment adviser for purposes of registration requirements or determining the applicability of any exemption. The SEC's order finds that TL Ventures violated Sections 203(a), 206(4) and 208(d) of the Investment Advisers Act of 1940 as well as Rule 206(4)-5. TL Ventures is ordered to pay disgorgement of $256,697, prejudgment interest of $3,197 and penalty of $35,000.

SEC Settles Charges with TL Ventures over Political Donations

TL Ventures Inc. illegally collected hundreds of thousands of dollars in fees from the underfunded Pennsylvania and Philadelphia pension systems after a TL official gave campaign money to top state and city officials in 2011, the Securities and Exchange Commission did not identify who gave the cash or who got it, but public records show that TL founder Robert Keith Jr. gave $2,000 to Gov. Corbett that fall, and $2,500 to Mayor Nutter that spring, matching amounts and dates cited by the SEC. It's the first time the SEC has settled charges under a 2010 ban on investment professionals collecting fees for managing public funds after donating to elected officials who can influence their hiring. TL agreed to pay back $256,697 in pension fees it collected after Keith gave to the mayor and governor, plus interest and penalties totaling $38,197.

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