In 1911,
Henry Phipps Jr., a co-founder of
Carnegie Steel, formed
Bessemer Trust in New York to manage his family's assets. In 1975, Bessemer Securities opened an office in
Silicon Valley. In the 1970s, Bessemer Securities suffered from significant losses due to real estate investments. Eventually the venture capital investment operation of Bessemer Securities was spun out separately as Bessemer Venture Partners. Bessemer Securities is still considered the parent company of BVP as it provides funding and support to the firm. In 2000, BVP started investing in areas outside the U.S. which included India, Israel, Latin America and Europe. Prior to that, capital was provided only by the Phipps Family or by Bessemer Securities. ==References==