Draper Fisher Jurvetson’s DFJ Frontier affiliate has held a $37.1 million first close toward its $80 million target, according to a recent regulatory filing. The target of DFJ Frontier Fund II is nearly four times larger than the $22 million fund that the firm raised in 2002.
The firm’s major limited partner is the California Public Employees’ Retirement System, which committed $20 million to Frontier’s first fund, $12.5 million of which had been called down at the end of 2006, according to regulatory documents. The pension fund puts the cash out and remaining value of its commitment at $10.4 million for a return of negative 9.6% since 2002.
Fund-raising efforts have no doubt been buoyed by two recent acquisitions from its portfolio. Frontier sold VoIP quality of service software maker CrystalVoice for an undisclosed amount in January and sold high school sports Internet portal MaxPreps for an undisclosed amount in March, according to Thomson Financial (publisher of VCJ).
The firm—which has offices in Santa Barbara and Sacramento, Calif.—will likely receive help from DFJ, which has renewed its commitment to its affiliate network and has changed the way its members share carry to ensure they will work together (see story, “Balancing Act,” July VCJ).
David Cremin, Frank Foster and Scott Lenet are listed as DFJ Frontier managing partners on a recent regulatory filing. The firm’s website also lists Jim Schraith and former Red Herring Magazine Publisher Tony Perkins as venture partners. —Alexander Haislip