Page 1 of 12 Pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
ADAPTIVE SOLUTIONS, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
00650P107
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
<PAGE>
CUSIP No. 00650P107 Page 2 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aperture Associates, L.P.
94-3128732
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
333,888
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
333,888
----------------------------------------
(8) SHARED DISPOSITIVE POWER
0
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 3 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Horsley Bridge Partners, Inc.
16-1193261
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IA, CO
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 4 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kevin P. Wright
###-##-####
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 5 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Aperture Partners, L.P.
94-3128731
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 6 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S. Phillip Horsley
###-##-####
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 7 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gary L. Bridge
###-##-####
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
<PAGE>
CUSIP No. 00650P107 Page 8 of 12 pages
- ------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N. Dan Reeve
###-##-####
- ------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
*
(a) / /
(b) /x/
- ------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- ------------------------------------------------------------------
(5) SOLE VOTING POWER
0
----------------------------------------
NUMBER OF SHARES (6) SHARED VOTING POWER
BENEFICIALLY OWNED BY 333,888
EACH REPORTING PERSON ----------------------------------------
WITH (7) SOLE DISPOSITIVE POWER
0
----------------------------------------
(8) SHARED DISPOSITIVE POWER
333,888
- ------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
333,888
- ------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* / /
- ------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.8%
- ------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------
CUSIP No. 00650P107 Page 9 of 12 pages
<PAGE>
Item 1.
(a) Name of Issuer. Adaptive Solutions, Inc.
(b) Address of Issuer's Principal Executive Offices.
1400 N.W. Compton Drive, Suite 340
Beaverton, Oregon 97006
Item 2.
(a) Name of Person Filing.
Pursuant to Rule 13d-1(f)(1) of Regulation 13D-G of the
General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the "Act"), the undersigned hereby file this Schedule 13G
Amendment No. 2 on behalf of Aperture Associates, L.P. ("Aperture"),
Horsley Bridge Partners, Inc., formerly known as Horsley Keogh Associates
Inc. ("HBP"), Kevin P. Wright ("Wright"), Aperture Partners, L.P.
("Aperture Partners"), S. Phillip Horsley ("Horsley"), Gary L. Bridge
("Bridge") and N. Dan Reeve ("Reeve"). Aperture, HBP, Wright, Aperture
Partners, Horsley, Bridge and Reeve are sometimes hereinafter collectively
referred to as the "Reporting Persons."
(b) Address of Principal Business Office or, if none, Residence.
The principal business office of Aperture, HBP, Aperture
Partners, Horsley, Bridge and Reeve is:
505 Montgomery Street
San Francisco, California 94111
The principal business office of Wright is:
Venture Capital Development
Eastman Kodak Company
Building 83, Room 716
1999 Lake Avenue
Rochester, New York 14650
(c) Citizenship.
Each of Aperture, HBP and Aperture Partners is organized in
the State of Delaware.
Each of Wright, Horsley, Bridge and Reeve is a citizen of
the U.S.A.
CUSIP No. 00650P107 Page 2 of 12 pages
<PAGE>
(d) Title of Class of Security.
Common Stock
(e) CUSIP Number.
00650P107
Item 3.
Not applicable.
Item 4. Ownership.
Not applicable.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the beneficial
owner of more than five percent of the class of securities, check the
following [X].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
CUSIP No. 00650P107 Page 11 of 12 pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Dated: February 13, 1997
APERTURE ASSOCIATES, L.P.
By: Horsley Bridge Partners, Inc.
Its: General Partner
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: President
HORSLEY BRIDGE PARTNERS, INC.
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: President
/s/ Kevin P. Wright
KEVIN P. WRIGHT
APERTURE PARTNERS, L.P.
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: General Partner
/s/ S. Phillip Horsley
S. PHILLIP HORSLEY
/s/ Gary L. Bridge
GARY L. BRIDGE
/s/ N. Dan Reeve
N. DAN REEVE
CUSIP No. 00650P107 Page 12 of 12 pages
<PAGE>
EXHIBIT A
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the
General Rules and Regulations of the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended,
the undersigned agree that the Schedule 13G Amendment No. 2 to
which this Exhibit is attached is filed on behalf of each of them.
APERTURE ASSOCIATES, L.P.
By: Horsley Bridge Partners, Inc.
Its: General Partner
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: President
HORSLEY BRIDGE PARTNERS, INC.
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: President
/s/ Kevin P. Wright
KEVIN P. WRIGHT
APERTURE PARTNERS, L.P.
By: /s/ S. Phillip Horsley
S. Phillip Horsley
Its: General Partner
/s/ S. Phillip Horsley
S. PHILLIP HORSLEY
/s/ Gary L. Bridge
GARY L. BRIDGE
/s/ N. Dan Reeve
N. DAN REEVE
