Frederic H. Morris
Partner
fhmorrisbvp@yahoo.com
(781) 295-4000 ext. 202
“At Brook Venture, we have assembled a group of partners and support staff, each with a different background and together create an environment where good decisions are made and many perspectives are actively considered both before and after an investment is made. We have dedicated ourselves to the philosophy that an above-average return involves not only excellent deal flow, investment decisions and ability to optimize exits, but most important, the active support and oversight of portfolio company management teams. We invest more than money.”
PERSONAL & EDUCATIONAL BACKGROUND
Early years on Long Island, then on to Saint Paul’s School for five years and from there to Yale University where I majored in economics and was very active in extracurricular activities. Graduating at close to the height of the Vietnam War, I signed up as an undergrad for the Navy’s Reserve Officer Training and served as a line officer on two ships, ultimately as a lieutenant. After reentering the civilian world, I worked part-time at a bank as I earned my MBA at Harvard Business School with a concentration in finance.
EXPERIENCE
My first job out of school in 1974 was at First National City Bank (now Citibank) in New York, where I graduated early from the training program to serve as an assistant to the CFO of failing WT Grant. I then joined the Surface Transportation lending group, responsible for building business with smaller growth companies needing working capital and equipment financing. When Citibank decided to send its lenders out into the field offices (Cleveland), I departed for U.S. Trust Company of New York where they were looking to build their commercial lending business. I was recruited from there in 1978 to assist State Street Bank & Trust Company in Boston in their recovery from serious loan portfolio issues, after which I assumed the role as head of a geographic lending group. I was subsequently allowed to form a new Specialized Lending Division with a focus on media/cash flow lending, becoming an SVP and member of the Management Committee for the Bank. I grew the Division to $500 million, with a number of mezzanine investments included. Growth potential for this business area dwindled as the industries consolidated, and I moved on to head a new program in Retiree Health Funding (grew to several $ billion in assets), and subsequently all new product development. While this was intellectually challenging, it was not exciting and I left to team up with Andy Clapp to form the predecessor venture investing group to Brook Venture Fund at the beginning of 1996. We launched the Brook Venture Fund in mid-1998, investing in 17 companies and generating a top quartile return. Brook Fund II has subsequently been launched as an SBIC with $100 M in capital, I have been active in deal flow generation, investing and overseeing investments throughout this period.
LESSONS LEARNED
There are many… Most important is sales-driven leadership for a company. Even the most compelling products and services do not sell themselves, and keeping the product responsive to customer needs requires active listening skills.
FAVORITE PROFESSIONAL ACCOMPLISHMENT
Succeeding first at creating a venture firm to my partners’ and my specifications, and then at building a portfolio of companies that have yielded a good return to our investors and to our entrepreneurial management teams. The hardest I’ve ever worked – and the most fun!
MY CONTRIBUTION
I am perhaps the most analytical member of the partnership, have overseen the legal side of our business and have had the lead role in evaluating potential portfolio companies from a financial perspective.
FAMILY LIFE
My wife and I live in an ideal waterfront location north of Boston as empty nesters; our daughter is an Analyst with Sutter Advisors in California and our son is on the research team at Wellington in Boston while his wife teaches at Fessenden School and has recently given birth to our first grandson. We cherish the now less frequent times when the whole family can be together.
OUTSIDE INTERESTS
I am an avid sailor, upland game shooter (with our two English setters) and skier while finding time for squash, golf and other activities.