• Alphion develops and manufactures innovative integrated photonic components for signal regeneration, conditioning, wavelength management, and monitoring
• Inked a major licensing deal with Sun Microsystems. Optimistic that an offer to acquire it may materialize within the year
• Executing business plans very well

• Designs, develops, and markets integrated circuits for mixed-signal and digital signal processing for communications-related markets.
• IPO in 2000
• Fully divested in September 2004

• Provides wireless and global positioning system (GPS) solutions for mobile and fixed applications in the automotive, commercial and consumer markets.
• Acquired by Toronto-listed CSI Wireless.
• Fully divested in October 2006

• Designs and supplies GPS chips for wireless communications and personal computer applications
• IPO in 2004 (NASDAQ: SIRF)
• Fully divested in 2005

• Develops semiconductor solutions for digital entertainment electronics.
• Acquired by listed company, Cirrus Logic.
• Fully divested in December 2004

• Develops and supplies high-speed transponder chips used in fiber optic communication networks.
• Ramping up operations.
• Profitable; acquiring more clients
• Executing business plans very well

• Develops and markets highly integrated radio frequency (RF) solutions for cellular phones, based on CMOS technology
• Acquired by Qualcomm
• Divested in December 2005

C2 Microsystems (China, US)

• C2 Microsystems, Inc (&lquot;C2&rquot;) is a fabless semiconductor chip company that develops integrated media processors with H.264 and VC-1 functions
• Executing business plans very well
• Continues to work with design partners as well as improve the chip's performance and features

• Designer and manufacturer of point-to-point outdoor units and microwave modules for the wireless transmission of voice and data from fringe service areas that are not optimally accessible or serviced by traditional copper or fiber optic lines

• Contract manufacturers for precision plastics. A joint venture with Ionics, Inc., The Tech Group (US) and Omni Mold, Ltd., Singapore
• Appears to be on the rebound. 2006 revenues projected to be 3x 2005's revenues

• The leading and publicly-listed Philippine electronics manufacturing services contractor
• Listed company. Fully divested after 1.5 years

• A technology company that focuses on the emerging IC design industry in China
• In divestment mode

• Offers real-time, inbound call center services primarily to the US market.
• Currently servicing four Fortune 500 customers.
• Acquired by Telus/SCS in February 2005
• Second Fund divested after 2.5 years

• Startup Capital Ventures, based in Silicon Valley, invests predominantly in early stage, high-growth companies (mostly Series A round) in geographies and industries where the the principals' network of contacts and expertise can play a value-added role.
• Has funded eleven companies to date. Continuing to invest in early-stage software deals.

• An image analysis and informatics company engaged in the development of innovative tools for the detection of cancer and other debilitating diseases
• ICCP Venture Partners upgraded from Board Observer to full Board Member
• Executing business plans very well
• Increasing company value

• Developer of a standard software platform for network processors
• Executing business plans very well
• Increasing company value

• A software developer based in California with operations in China for its backroom operations

• Provides general merchandise retailing services. First to introduce the "supercenter" concept in the Philippines
• Doing very well. Continues discussions with potential strategic investors.
• Increased number of branches from 7 to 30 in 2006 via the acquisition of other leading supermarkets; now third largest supermarket chain in the Philippines

• A game publisher offering Massively Multiplayer Online Games (MMOGs) that may be accessed via a dial-up internet connection.
• Owner of the widely successful "Ragnarok" game in the Philippines
• Partially divested in March 2005 to the First Pacific Group

• Hawaii Superferry plans to connect people and businesses in Hawaii more economically and comfortably throught the deploymnt of fast catamaran ships
• Commercial service targeted to begin in July 2007
• Completed first vessel; inaugurated in January 2007

• Radio Time is a software company with an automated guide that organizes live and recorded radio content for online services, MP3 handheld and auto devices.  Earns licensing fees from OEMs
• Expanding list of partners and customers
• Executing business plans very well
• Our first lead investment in the U.S. Signed major deal with Cisco/Linksys

• A provider of online booking services to hotels and other lodging properties