Cendana Capital seeks $200 mln for fourth fund-of-funds pool

Cendana Capital is seeking to raise $200 million for its fourth fund-of-funds pool, according to a source familiar with the effort.

There is no regulatory filing for the fund. And Founder Michael Kim declined comment.

The $200 million target is a step up from when the firm launched nearly a decade ago, but is in line with its recent growth.

Kim, who previously co-founded Rustic Canyon Partners, launched Cendana as a funds-of-funds shop in 2010 to invest in seed-stage funds just as the stage was on a rise.

Since then, Cendana has expanded. Partner Graham Pingree joined Cendana in 2014. In 2018, the San Francisco firm raised a $40 million international fund of funds.

The year before, Cendana said it had raised a combined $260 million in commitments for multiple funds, including $80 million for the fund of funds Cendana Capital 3; $60 million for Cendana Co-Investment Fund; $75 million for Cendana Blackbird, an overage fund; $35 million for its Cendana Investments 2; and $10 million for Cendana Kendall, a late-stage direct investment fund.

University of Texas Investment Management Co is an investor in the Co-Investment Fund, and the LP reported an IRR of 21.3 percent for the fund as of February 2018, according to VCJ‘s fund performance report of UTIMCO.

Among the funds Cendana has backed are Uncork Capital, IA Ventures, Forerunner Ventures, Freestyle Capital, K9 Ventures and Lerer Hippeau Ventures, and others.