Thomas P. Hirschfeld and George D. Phipps were promoted to partners of Patricof & Co. Ventures APA Excelsior V and to managing directors of the firm. Investors in the $410 million APA Excelsior V fund include the pension funds of Shell Oil Co., $14 billion.; state of New York, $109 billion; state of Michigan, $45 billion; state of New Hampshire, $3.7 billion; and the endowment fund of Swarthmore College, $867,000. APA Excelsior V, a balanced private equity fund, invests in companies in a range of industries and at all stages of development. It closed in May, and so far has invested $55 million.