Tech stars build investment fund

An all-star cast of local technology experts and lawyers has raised a hefty nest egg that's worth $355 million and still growing.

Some details of the Invention Development Fund I were revealed in a document filed with securities regulators last week, but it is short on specifics.

The only description is brief, calling it an "intellectual property investment fund."

The filing lists the fund's principals as Nathan Myhrvold and Edward Jung, both former top Microsoft executives, and lawyers Peter Detkin and Gregory Gorder.

They all are co-founders of Intellectual Ventures, a Bellevue company established in 2000 to invest in inventions and collect patents that may be valuable down the road.

Invention Development's filing says the Bellevue-based fund could grow to as much as $1 billion. At that size, it would be larger than any other single Northwest venture capital or private-equity fund, and would rank alongside some of the largest funds in Silicon Valley.

A spokeswoman for Intellectual Ventures declined to comment on the Invention Development Fund, citing Securities and Exchange Commission rules.

Intellectual Ventures' strategy differs from traditional venture capital, which typically invests in more mature ideas that may already have a business plan, products or management team in place.

The fund's managers are well-known for their contributions to technology.

Before starting Intellectual Ventures, Myhrvold worked at Microsoft for 14 years in positions including chief strategist and chief technology officer.

He also spearheaded the creation of Microsoft Research.

In 2004, he said: "Invention is to technology as conception is to reproduction."

Jung spent 10 years at Microsoft as a chief architect and adviser to executive staff, according to Intellectual Ventures' Web site.

Gorder and Detkin both work as lawyers for Intellectual Ventures on intellectual-property issues.

Previously, Gorder worked at the Perkins Coie law firm for 14 years, helping early-stage technology companies, while Detkin spent eight years at Intel as vice president and assistant general counsel.

According to the SEC filing, the fund was incorporated in May and so far it has assembled 17 investors.

Four participants listed in the document are Grinnell College; The William and Flora Hewlett Foundation; the University of Notre Dame; and the University of Pennsylvania.

Tricia Duryee: 206-464-3283 or tduryee@seattletimes.com