Fiesta time for Alsop-Louie

Alsop-Louie Partners has closed its inaugural fund after a year of fund-raising. The firm secured the $75 million it targeted and held a launch party in February at Tres Agaves, a trendy Mexican restaurant in San Francisco.

Rumor of the fund’s imminent close circulated at the end of summer last year. VCJ previously reported that the fund had all but closed in November, but that one of the firm’s limited partners wanted to up its allocation by as much as $10 million, which had slowed the process.

The firm has made at least one known investment so far. It put $2 million into Duality, a Mountain View, Calif.-based startup developing mobile communications services for businesses, according to a regulatory filing.

San Francisco-based Alsop-Louie has two general partners—Stewart Alsop and Gilman Louie—and one associate, Corey Reese. The firm also has an entrepreneur-in-residence, Lenny Raymond, who started three companies before joining he firm.

Alsop was previously a GP at New Enterprise Associates, which he joined as a venture partner in 1996. He was promoted to partner in 1998 and left the firm at the end of 2004. His plan, as early as May 2005, was to raise a venture fund under the name Agenda Capital. But he scuttled that plan when he partnered with Louie, who left In-Q-Tel, the CIA’s investment arm, at the end of 2005. —Alexander Haislip