Bear Equity is a private investment firm that is owned by Dan Caruso. Dan is currently President and CEO of the Zayo Group and chairman of Envysion. As part of his Zayo Group responsibilities, Dan also oversees Onvoy Voice Services. He is a board member of GTS Central Europe and, until recently, sat on the board of New Global Telecom. NGT was sold to Comcast in February 2010. Between 2004 and 2006, Dan was President and CEO of ICG Communications. In 2004, he led a buyout of ICG and took it private. ICG, at the time, had about $100M of debt and was burning their remaining $30M of cash at a rate of $8M a month. Columbia Capital and M/C Venture Partners, who backed the buyout, invested a total of $8.7M. In 2006, ICG was sold to Level 3 for $170M, resulting in a total distribution to the buyout group and management of over $225M and a total return on investment of 25x. Currently, Caruso maintains a blog called 'The Bear on Business.'