Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
Illustration: Sarah Grillo/Axios
Venture capital and private equity are integral parts of America's economy, but neither has really been around for very long. It's something I've been reminded of over the past month, as several of the industries' founding fathers have passed.
Driving the news: Bill Macaulay in 1983 co-founded First Reserve, which would become the first global private equity firm focused exclusively on energy. Until 2017 he'd lead First Reserve, which has raised over $35 billion for its funds. Macaulay died last week at the age of 74, leaving behind wife Linda and daughters Elizabeth and Anne.
Frank Caufield and Brook Byers in 1977 teamed up with Eugene Kleiner and Tom Perkins to expand Kleiner Perkins into the legendary VC firm Kleiner Perkins Caufield & Byers. His deals would include AOL and Caremark, and he'd serve as president of the National Venture Capital Association.
- Caufield passed away shortly before Thanksgiving at the age of 80. He's survived by son Frank (founder of Darwin Ventures) and daughter Kirsten.
Pete Musser in 1953 founded what would become Safeguard Scientifics, an investment group that evolved its focus from industrials to Internet tech. It's one of those firms that would be much-better known if it wasn't based in the Philly suburbs, but its history included selling Ralph Roberts the first of the cable TV systems that would become Comcast, backing Novell, and seeding Internet Capital Group to dotcom-era prominence. It also was one of the original startup "incubators."
- Mussser died in late November at the age of 90.
Don Valentine, the founder of Sequoia Capital and an early investor in companies like Apple and Cisco, passed away in late October.
- We previously discussed Valentine's legacy.
Plenty of veteran firm founders remain not only alive, but very much healthy and in charge. But the truth is that we're rapidly losing institutional, foundational knowledge. History passing before our eyes.
Go deeper: Former Fed chairman Paul Volcker dies at 92