Cendana raises a $50 mln fund of funds

Cendana Capital has closed on a new $50 million fund of funds and raised money for a direct investment fund, Managing Partner Michael Kim said. The new fund, Cendana Capital II, is a step up from Cendana’s first fund, which was $28.5 million.

The fund of funds will invest in institutional seed funds and had a target of $30 million. It has already invested with five GPs: PivotNorth Capital, SoftTech VC, Forerunner Ventures, Lerer Hippeau Ventures and MHS Capital, founded by Mark Sugarman.

Kim said he raised $17 million for Cendana Investments, a fund that is to make direct investments in the portfolio companies of Cendana’s GPs. The fund has a target of $25 million, according to a November filing with the Securities And Exchange Commission.

The firm also manages the seed-focused Cendana Co-Investment Fund with $60 million in commitments from University of Texas Investment Management Company.