Fund Briefs, October 2010

Alsop Louie’s Second Fund Eclipses First

San Francisco-based early stage firm Alsop Louie Partners has raised a little over $86 milion for its second fund, more than $11 million more than it raised for its debut fund in 2006.

Alsop Louie Capital 2 LP raised $86.07 million as of September, according to an SEC filing. It isn’t clear if the firm has held a final close on the fund. The SEC document lists the offering amount as $86.07 million and shows the amount left to be sold as zero. But when Alsop Louie filed a regulatory document for its first close in December 2009, it listed the amount raised and total offering amount as $20.25 million and the amount left to be sold as zero.Firm co-founder Stewart Alsop said he had no comment. —Lawrence Aragon

Allos Falls Short of Goal, But Keeps Trying

Allos Ventures continues its two-year fund-raising effort, closing on $5 million in September to bring its total to $25 million, according to Thomson Reuters (publisher of VCJ).

The firm, which has offices in Cincinnati and Carmel, Ind., near Indianapolis, plans to invest in early stage tech companies. Initial investments are expected to average from $1.5 million to $2 million, says Don Aquilano, a managing director of the firm. Aquilano and Managing Director John McIlwraith were formerly with Cincinnati-based Blue Chip Venture Co.

Allos set out to raise a $200 million fund, but fund-raising has been painfully slow, according to Thomson Reuters. Allos raised $1 million in September 2008, $1 million in September 2009, $18 million in March of this year and another $5 million in September, Thomson Reuters reports.

The firm has done at least one deal. In April, it joined with Spring Mill Venture Partners and Halo Group in a $380,000 Series A round for WebLink International Inc., an Indianapolis-based company that develops membership management software, website design and services, according to Thomson Reuters. —Lawrence Aragon

Menlo Ventures Looks to Raise up to $800M

Menlo Ventures is looking to raise $600 million to $800 million for its next fund, as first reported by Bloomberg News.

If it reaches $800 million, the VC fund would be the largest raised nationwide this year. It would surpass the funds raised by Battery Ventures and Institutional Venture Partners, which each raised $750 million. Still, it would be smaller than Menlo Ventures’ last fund, which raised $1.2 billion in 2005.

Menlo Ventures remains an investor in 3Par, which recently agreed to be bought by Hewlett-Packard for $2.4 billion.

SingTel Plans $150M Corporate VC Unit

Singapore Telecommunications (SingTel), Southeast Asia’s largest telecom, said it plans to set up a $150 million corporate venture capital unit that will invest in new technologies and solutions.

SingTel’s Innov8 will focus its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices and digital content services, CEO Chua Sock Koong said at an event. —Harry Suhartono, Reuters

CalCEF Raises $11M for Early Stage Cleantech

The CalCEF Clean Energy Angel Fund last month held a final close on $11 million to invest in early stage cleantech companies. Limited partners in the fund include the PCG Clean Energy & Technology Fund.

The angel fund was launched in 2008 by the California Clean Energy Fund. It invests up to $500,000 per round in early stage, capital-efficient clean energy technologies, with an emphasis on the solar, energy efficiency, transportation and lighting sectors.

“There are tremendous opportunities to fund young startups and to profit, yet the traditional investment cycle has not formally evolved to include the necessary level of early stage funding,” Dan Adler, president of CalCEF, said in a statement.

Among the angel fund’s recent investments are Alphabet Energy, a startup commercializing a low-cost waste heat recovery technology, and REEL Solar, developer of a low-cost cadmium telluride electro-deposition process for manufacturing solar cells.