If she could turn back time, if she could find a way… she’d probably pick another venture capital firm.
Singer Cher’s Veritas Trust – of which she is the sole trustee – has accused venture capital firm SAIL Venture Partners of misrepresenting the performance of clean tech firms in which it had invested $1.3 million.
According to a Financial Advisor IQ report, Cher is accusing SAIL Venture Partners and SAIL Safe Water Partners of using their positions to “placate” worried investors with assurances of big potential profits while their actual investments were tanking.
Three out of the 10 portfolio companies in which the SAIL companies invested had gone bankrupt, but according to Cher’s complaint, the defendants continued to collect a 2.5% annual management fee.
Cher’s lawsuit also lists SAIL managing partners F. Henry Habicht and Walter Schindler, as well as chief scientist Chris Brown, as defendants, according to Financial Advisor IQ.
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