Our Firm History
Co-founders Bruce and Douglas Dunnan acknowledge their great grandfather Arthur Baldwin and his brother Leonard when asked about the idea behind The Grosvenor Funds. After the turn of the 20th century the Baldwins moved to New York City and began a lifelong relationship of working together. Eventually they created the Grosvenor Corporation, an investment company that held The Grosvenor Hotel in New York City as its primary asset. The Grosvenor Corporation remained in existence as a holding company until the 1980s.
With respective backgrounds in public and private equity, Bruce and Doug recognized the growing opportunity for private equity deals in the early 1990s. They also sought ways to leverage their expertise in a venture where they could work together. In 1994 they formed the first Grosvenor Fund as an investment partnership focused on the private markets. C. Bowdoin Train joined Grosvenor as the third managing partner in 1995 to help expand both the focus and the reach of the venture. Bowdy enjoyed a long-standing friendship with Bruce and Doug and had spent much of his career working with entrepreneurs to help them achieve their aspirations.
"I have always been intrigued with the potential of extraordinary individuals to change the way society lives and works." - C. Bowdoin Train
The first Grosvenor portfolio was structured as a hedge fund with a private equity tranche. Investors’ desires for a diversified private equity vehicle eventually led the three partners to focus on pure venture investing. Since inception, Grosvenor has organized four venture funds and is currently investing Grosvenor Venture Partners IV, a roughly $90 million Small Business Investment Company (SBIC) Fund.Over the years, our portfolio has completed numerous IPOs and mergers and acquisitions. Among the most notable successes are Corvis (now Broadwing), LightLogic, BioMarin, InphoMatch (now Mobile 365), and Onvia. A large and growing network of companies, private and institutional investors, technical advisors, and entrepreneurs support Grosvenor management in four venture portfolios. We believe that our network, along with our firm's ties, give Grosvenor portfolio companies an advantage in anticipating market trends, seizing opportunities, and building partnerships for mutual success.
Years of cohesive teamwork, consensus based management, and a strong commitment to their Limited Partners and portfolio companies are the hallmarks of Grosvenor's Managing Partners. Going forward, their vision for The Grosvenor Funds is to continue to ensure the success of the creative people and companies with whom they have been privileged to work.