The longtime San Jose resident signed a letter of intent to purchase a majority share of the National Hockey League's Pittsburgh Penguins this past spring. While the league hasn't signed off on the deal yet, Del Biaggio is part of the team now. This past summer, he was busy with putting the team together during the league's draft and gearing up for the exhibition season. He is excited about the team's opening day on Oct. 5, which coincides with the birthday of team star--and Del Biaggio's pal--Mario Lemieux. Even his school-age children got into the act, sporting Penguins backpacks on their first day of school.

For those who haven't been following hockey, Del Biaggio touted some of the changes in the game: no more tied games and a large offensive zone for skilled players to maneuver.

"It'll be great and exciting for fans," he said.

Del Biaggio, 38, has his hands in many business ventures, and the Pittsburgh Penguins is just one of them. The Almaden resident is the CEO of Sand Hill, a Menlo Park-based venture capital firm. Del Biaggio and his father, William "Boots" Del Biaggio Jr., co-founded Heritage Bank of San Jose, and their family was principally responsible for the opening of Holy Spirit School, which is part of the Holy Spirit Parish on Redmond Avenue. The younger Del Biaggio also has real estate interests as he and his partners are developing high-end condos in downtown San Jose.

"I like the [business] game," he said. "It's a cliché, but it's true. I like learning new ideas and working on different projects. That's the greatest part about my business life."

Del Biaggio said his desire to purchase the Penguins and become a co-owner with Lemieux stemmed from his interest in sports and his friendship with the hockey star. The two met five years ago; last year, they decided to invest in the junior hockey team, the Omaha Lancers in Nebraska.

The Penguins are not coming to San Jose to play this season, so Del Biaggio will get his fix of local hockey from the San Jose Sharks, of which he owns a small share. He is expected to give up that ownership if the Penguins deal is approved to avoid potential conflicts of interests. While Del Biaggio is currently preoccupied with acquiring a different team, the Sharks and their presence downtown are not far from his thoughts.

"San Jose is going to have a great team. This is San Jose's professional team. People have a loyalty to the Sharks."

Greg Jamison, president and CEO of the San Jose Sharks, jokingly referred to Del Biaggio as "the enemy" now but said that his business sense and his willingness to work toward longterm goals should serve him well in Pittsburgh.

"Nothing happens overnight in sports," Jamison said. "He recognizes the sport can be very volatile. You just have to be prepared for all different things to happen, like injuries."

After the hockey season gets under way, Del Biaggio and his real estate partners will be looking to break ground on a 360-unit luxury condo project that will be developed next to the Hotel De Anza downtown.

The condo project, with units expected to cost up to $700,000 each, is one of several high-rise housing developments planned for the downtown area. According to the redevelopment agency, these high rises will include a 21-story, 208-unit at South Market and San Salvador streets, Park View Towers across St. James Park, and Central Place at San Fernando Street between Second and Third streets.

Del Biaggio said the location downtown and the high-end nature of the units would make it attractive to young professionals and empty nesters--attractions such as museums, theaters and the HP Pavilion are draws to living in downtown San Jose, he said.

"I think urban living is attractive, because there just seems to be way more energy," he said.

Del Biaggio has a knack for choosing his ventures and attributes his success to luck, hard work and good business partners. A good partner, he said, is one who is able to put the team first.

"I do the right thing. I treat people well," he said. "I don't like to be partners with people who are selfish and feel they always have to win because that's not who I am," he said.

But not everyone has seen eye-to-eye on his decisions. Last December, the weekly business paper Silicon Valley Biz Ink, one of his personal investments, went under and employees did not receive severance packages during the holidays. But Del Biaggio said that if someone had asked him to write a check to pay the employees, he would have.

"I didn't know they were closing the company," he said.

Also in 2001, when the tech bubble was losing its luster, he said he was "barbecued" in a San Jose Business Journal article when investors complained that his venture capital funds at Sand Hill Capital were losing money. However, Del Biaggio said the naysayers were premature in their criticism. The success of a venture capital fund can only be seen after 10 years, not just one year, which is when investors became unhappy, Del Biaggio said. He added that his business has since recovered, raising $100 million in 2004.

"In 2001, anybody who invested in technology was feeling a lot of pressure," he said. "Venture capital funds take a long time to mature."

From these experiences, Del Biaggio said he has been more cautious when it comes to picking partners, and prefers those who have are long-range thinkers and have an eye toward the future.

"You can't be a short-term investor in business," he said.

Del Biaggio doesn't just focus on long-term business opportunities. He is also passionate about the future of several community causes. He is active in the Santa Clara County Healthy Kids program and serves on the board of the Tech Museum of Innovation and the board of regents at Bellarmine College Preparatory.

"He's absolutely community-minded, and he's proud of it," said Garrett Rajkovich, one of his real estate partners on the downtown condo project.

Del Biaggio and his father were recognized as "Donor of the Year" in January 2005 for their philanthropic work with local Catholic schools.

The Rev. Branden McGuire, the pastor at the Holy Spirit Parish, said he appreciates Del Biaggio's enthusiasm and support for the school.

"It's not just fundraising," McGuire said. "It's easy to give money and not get involved. He has a huge passion for the school."

Del Biaggio said the opening of the school was an important addition to a parish.

"I believe a school changes the face of the parish. It brings in young families. It rejuvenates the parish," said Del Biaggio who is a product of Catholic education.