After nearly two years of fund-raising, DFJ Gotham Ventures has raised less than one-third of the targeted amount for its second fund.
To date, the New York-based affiliate of Draper Fisher Jurvetson has raised $35 million from 36 investors, including CS Strategic Partners IV VC Holdings and Lehman Brothers Custom Fund A, according to a recent regulatory filing.
The firm has been raising its second fund, which has a target of $125 million, since June 2007, according to the filing.
Partners with the firm did not respond to requests for comment.
DFJ Gotham raised an inaugural fund of $107 million in 2000.
The firm plans to set aside $27 million from its proposed second fund for salaries and fees, according to the filing. That implies a 2.16% management fee if the fund has a standard 10-year lifespan.
DFJ Gotham has sold seven of its portfolio companies, but only two had disclosed sale prices and neither of them was greater than $10 million, according to Thomson Reuters (publisher of VCJ):
• Ingenio, an information service that raised $113.3 million in VC, was sold to AT&T in November 2007 for an undisclosed amount.
• Massive, an in-game advertising company that raised $17.6 million, was acquired by Microsoft in April 2006 for an undisclosed amount.
• NanoOpto Corp., a maker of optical systems and network components that raised $53 million, went to API Nanotronics in July 2007 for an undisclosed amount.
• Pantero, a software developer that raised $10.8 million, was sold to Progress Software in June 2006 for $6 million.
• Q-Link Technologies, a software developer that raised $6 million, was acquired by Adobe Systems in May 2004 for an undisclosed amount.
• Quantiva, a maker of website software that raised $7 million, went to Netscout in February 2005 for $9 million.
• And XOSoft, a database software developer that raised $25 million, was sold to Computer Associates in July 2006 for an undisclosed amount. —Alexander HaislipDEALWATCH: Five recent investments by DFJ Gotham Ventures
ContextWeb Inc._Contextually based online advertising solutions.
Magnolia Broadband Inc._Fabless radio chips for mobile phones.
Pivot Inc._Trade desk communication solutions.
Searchandise Commerce Inc._E-commerce ad platform for manufacturers.
Worktopia Inc._Online booking engine for meeting space.
Note: Investments made between April 2008 and January 2009. Source: Thomson Reuters