Accel VII Garners $480M Quickly –

PALO ALTO, Calif. – Accel Partners in early August closed Accel VII on $480 million, with commitments from several new endowments and all of the firm’s previous backers, said Managing Partner Jim Breyer.

The fund was launched in June, seeking $350 million from financial investors and $150 million from entrepreneurs and strategic corporate backers (VCJ, August, page 21). The communications and Internet/Intranet-focused vehicle features 70%/30% carried interest split.

Breyer could not be reached about limited partners, but previous Accel funds have been backed by the Princeton University endowment, known as Nassau Capital, Hewlett Packard pension, Horsley Bridge Partners, HarbourVest Partners, J.P. Morgan, General Motors’ pension, the State of Delaware, Sloan Kettering Memorial Cancer Center and the Kresge Foundation.