Clear Ventures launches with $120 mln

Palo Alto, California-based Clear Ventures announced it has raised $120 million for its inaugural fund from a mix of institutional pension, endowments, foundations and undisclosed tech executives. The early-stage firm said it initially targeted the fund at $80 million, but raised it to accommodate demand

Clear Ventures was founded by Chris Rust and Rajeev Madhavan. Rust, a former partner at Sequoia Capital and U.S. Venture Partners, and Rajeev, a tech investor and an independent investor, say they have invested in more than 50 companies, 34 of which have exited.

UPDATE: A regulatory filing on June 2 indicates the firm raised $121.2 million from 46 investors.