Dec. 12, 2006 -- Phillips-Smith Specialty Retail Group, a prominent venture-capital fund that supported U.S. retail start-ups, has closed.

Founded in 1986, Phillips-Smith invested in a number of chain stores that went on to become household names, including CompUSA, Sports Authority, and Jamba Juice.

Cece Smith, a group co-founder, has said the biggest mistake they made over the years was not investing in Starbucks.

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