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Cendana Capital to raise two new funds

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Michael Kim speaking at

Cendana Capital has set out to raise two new funds, including a second fund of funds targeting investments in institutional seed funds, according to a pair of filings with the Securities and Exchange Commission.

The fund of funds, Cendana Capital II, is seeking $30 million and follows the $28.5 million Cendana Capital I, which closed early this year, according to one of the filings. The filing says a first close has not yet taken place, though sources say commitments to the new fund of funds have been made.

Cendana Capital, founded by Michael Kim, also manages the seed-focused Cendana Co-Investment Fund with $60 million in commitments from University of Texas Investment Management Company.

The second new fund – Cendana Investments – is targeting $25 million and will make direct investments in the portfolio companies of the funds Cendana invests in. These largely will be growth stage, or Series B, investments, sources said.

Kim declined comment on the new fundraising. In its most recent portfolio report, UTIMCO said its Cendana Co-Investment Fund had an IRR of 29.95% as of August.

Here and here are the links to the fiings.

Photo: Michael Kim speaks at PartnerConnect East in New York in 2012. Image property of Thomson Reuters.

This story first appeared in Venture Capital Journal.