Welcome to my series on OG NY Tech -- celebrating 30 years of NY tech ecosystem, from 1995 to now. Alan Patricof's been at it since he graduated from Columbia Business School just a couple years apart from Warren Buffett. And you might as well think of him in that same legend league, in Alan's case for Venture Capital. We start from the very early days and go right through today. 🎙️ Episode Chapters — Alan Patricof Inventing Venture Capital in New York, Then Walking Away (Repeatedly) SECTION I — The Core Interview: A 70-Year View of Venture 00:00 – A living timeline Setting the frame: Alan Patricof at 91, still working, still curious—why this is less an interview than an oral history of American venture capital. 03:00 – Pounding the pavement (1950s Wall Street) No recruiters, no security desks: walking every building on Wall Street, floor by floor, asking for a job. How finance careers started before finance careers existed. 05:30 – Learning investing the slow way Investment counseling, portfolio construction, and why balanced, family-office style investing shaped everything that came later. 07:30 – Development capital before “venture” Real estate, bridges, electronics, finance companies—proto-venture investing before the word venture capital meant anything. 10:30 – Family offices and private deals Discovering the overlooked power of private company investing while everyone else focused on public stocks—and why this felt more human. 13:00 – Becoming a board member at 34 New York Magazine, Datascope, Lin Broadcasting: early board roles, founder relationships, and the addictive pull of building instead of trading. 15:30 – What separates great founders The pivot instinct: knowing when to abandon the original market and redirect a product without abandoning conviction. 18:00 – “You invest in the jockey” Why founder psychology matters more than ideas, and why you can’t actually diagnose this until you’re already in business together. SECTION II — Inventing Venture Capital (1968–1980s) 20:00 – Starting Patricof & Co. Nine family offices, a tiny first fund, and the realization that venture could be a service business as much as a capital business. 22:00 – Warburg, Pincus, and the early peers The handful of firms inventing venture in parallel—and how indistinct the lines were between VC, merchant banking, and private equity. 24:00 – Surviving the 1970s Why venture almost died: inflation, stagnation, and the need to do M&A work just to keep the lights on. 26:00 – Going international before it was fashionable London, Paris, New York—building venture infrastructure in Europe when the concept barely translated (literally “capital risk”). 27:30 – The birth of Apax Unifying global activities under one name and accidentally creating one of the world’s largest private equity platforms. SECTION III — Iconic Deals Before Tech Was “Tech” 29:00 – Apple, almost casually A phone call, a small allocation, a $315k check—and a reminder that early venture often felt mundane in the moment. 31:30 – Why nobody held forever Ten-year funds, capital recycling, and why paper fortunes usually stayed theoretical. 33:00 – Beating the bushes for deals Fifteen deals a year, maybe one investment—finding companies meant showing up physically, not scrolling inboxes. 35:00 – Office Depot and firm-building Delegation, partnership, and why building institutions matters more than personal deal mythology. 37:00 – AOL’s forgotten origin Online games, modems, bankruptcy, and the pivot from play to communication that reshaped the internet. 40:00 – Doing the messy work Hands-on restructuring, capital engineering, and why early venture often looked more like salvage than storytelling. SECTION IV — Walking Away (and Starting Again) 44:00 – Why Apax stopped feeling like venture Scale, later-stage gravity, and the quiet moment when a firm becomes something else. 46:00 – A detour into global development World Bank, IFC, Trickle Up, and applying venture logic to poverty, SMEs, and economic development. 48:00 – Founding Greycroft Writing “no private equity” into the mission, timing the internet perfectly, and building another major platform from scratch. 50:00 – Venmo, Huffington Post, and the Web 2.0 wave Media, payments, identity, and why New York finally started producing global tech brands. 52:00 – PrimeTime Partners Aging, longevity, and investing with personal urgency—spotting demographic inevitability before it became fashionable. SECTION V — New York, Finally 54:00 – Why New York couldn’t win earlier Crime, cost, culture, and why founders simply didn’t want to live here in the 70s and 80s. 56:00 – Media as New York’s wedge Audible, publishing, advertising, and why content and distribution cracked the door before infrastructure followed. 58:00 – The tipping point From DoubleClick to Datadog: why everyone now needs a New York presence—and why this time feels durable. CLOSING — Perspective from Repetition 01:00:00 – The rare skill Not spotting waves once, but having the courage to leave institutions when they stop matching your values—and doing it again.
