Fund briefs, May 2007

DFJ may pass $600MDraper Fisher Jurvetson’s ninth fund has hit its $600 million target, according to an April regulatory filing. An investor who had seen the DFJ prospectus says that the firm had a hard cap at $620 million, so the doors may still be open for additional investors. DFJ IX is the firm’s largest since it raised $640 million for its seventh fund in 2000.

Bay City rolls alongBay City Capital, a San Francisco-based VC firm, is pre-marketing its fifth life sciences fund with a $425 million target. Bay City Capital Fund IV closed in 2004 with $350 million. Bay City, founded in 1997, manages five venture funds representing $1 billion in capital invested in more than 65 companies. Four of the funds are general life sciences funds, and one is a nutrition and agribusiness sector fund.

Updata Partners nears fund IV targetUpdata Partners has raised $153 million of targeted $200 million fourth fund, according to a recent regulatory filing. The Reston, Va.-based firm, which invests in IT comapnies, raised about $155 million for fund III in 2004. Sparing Capital Partners is serving as the fund’s placement agent.

Investcorp eyes third late stage fundInvestcorp Technology Investments Group plans to raise between $400 million and $500 million for its third fund, according to LBO Wire. It raised $300 million for a late stage fund in 2005 and $210 million for its first late stage fund in 2001, according to Thomson Financial (publisher of VCJ). Investcorp, based in New York and London, says that it invests in companies in almost any industry sector in North America and Western Europe with a total enterprise value of between $300 million and $1 billion.

IDG may expand in SE AsiaIDG Ventures Vietnam, which launched in 2004 with a $100 million fund, is looking at expanding throughout Southeast Asia, according to VentureWire. The firm, which is funded entirely by parent company International Data Group Inc., is eyeing possible tech investments in Thailand and the Philippines and biotech deals in Singapore, Managing Director Henry Nguyen told VentureWire. Nguyen said the firm plans to raise the current fund by $70 million to $100 million, depending upon how much outside LP interest it can attract. Or it may decide to launch a new fund.

Charter launches fund-raising effort

Palo Alto, Calif.-based Charter Life Sciences sent out a PPM last month for a $200 million-targeted second fund, VCJ has learned. The firm has hired E.L.K. Capital Advisors as its placement agent, according to sources familiar with the firm. Charter has invested more than $30 million of its $66 million inaugural fund, raised in 2003, according to Thomson Financial (publisher of VCJ). The firm is run by Managing Directors A. Barr Dolan, Donald Harrison, Fred Schwarzer and Nelson Teng. It primarily invests in Series A and Series B life sciences companies. It splits its investment money evenly between medical devices and pharmaceuticals.

Bessemer mulls IndiaBessemer Venture Partners is considering an India-focused private equity fund that would be open to third-party limited partners, according to VentureWire. Bessemer, which has offices in Mumbai and Bangalore, has been been quite active in that market. Managing Partner Rob Chandra, who set up the firm’s practice in India, has invested in several Indian companies, including real estate developer Anant Raj Industries (BSE: ARIL), brokerage firm Motilal Oswal Financial Services Ltd., engineering services company Shriram EPC Ltd., automobile component maker Rico Auto Industries Ltd. (BSE: RICOAUTO), and hotelier Sarovar Hotels & Resorts.

Canada hungry for cleantechEmerald Technology Ventures, formerly known as SAM Private Equity, has closed its second cleantech-focused venture fund with about $180 million in capital commitments. The Montreal-based fund’s limited partners include Caisse de depot et placement du Quebec, GIMV, Rabobank, Axpo Holding, Springbridge, Credit Suisse, Deere & Co., DSM Venturing, Dow Chemical Co., KPC Energy Ventures, Piper Jaffray Private Capital, Suncor Energy, Unilever Technology Ventures and Volvo Technology Transfer AB.

New fund targets tiny techNanoDimension, a nanotech-focused VC firm based in Zurich, Switzerland, has closed its inaugural fund with about $60 million in capital commitments. The fund will invest exclusively in nanotechnology companies in the areas of IT, life sciences, materials and energy in Europe and North America. It has already invested in Crocus Technology SA, a French company developing MRAM data storage. NanoDimension did not disclose the names of its LPs, but said they include leading scientific and financial institutions.

New med device fund launchesZiegler Meditech Partners, a joint venture between Ziegler Cos. and Medtech Advisors LLC, has closed its inaugural venture fund with more than $52 million in commitments. The fund will focus on mid-to-late stage medical device companies in the U.S. and Israel.

Milwaukee-based Ziegler has a website under construction, but lists Heidi Schilling as the person to contact for more information at (414) 978-6508.

Israeli fund closes on $125M for secondaries

Secondary firm Vintage Venture Partners has closed on its third fund with $125 million in capital commitments. The Herzliya Pituach, Israel-based fund focuses on limited partner interests of Israel-related venture funds and private equity funds and direct portfolios of Israel-related tech investments. The firm, founded in 2003, raised its inaigural secondary fund of $64 million in June 2004. It then raised a $75 million fund-of-funds in April 2006.

Amadeus strings together $310M

London-based Amadeus Capital Partners has raised $310 million for its third VC fund. The target of the fund is undisclosed. The firm invests in European tech startups. Limited partners include Access Capital Partners, Adams Street Partners, AlpInvest Partners NV, Bank of Scotland, Parish Capital Advisors Europe, Pantheon Ventures and Partners Group.

Catamount wraps up third fundCatamount Ventures of San Francisco has closed its third fund with $82.58 million in capital commitments, according to a regulatory filing. Limited partners include Legacy Ventures, Lehman Brothers (which invested through its Lehman Brothers Fund-of-Funds XVIII), Horsley Bridge and BP Master Trust for Employee Pension Plan.

The firm, which raised a combined $40 million for its first two funds, has primarily focused on investing in early stage tech companies. But its website says that it expects to do more investing in cleantech with the new fund.