“We could have raised over $500 million if we wanted to, and gone big like many other funds, but we invest in early stage IT and we wanted to remain small and focused on our strategy,” Chaddha said.
Mayfield raised $395 million for its 13th fund, which it began investing in mid-2009, and $375 million for its 12th vehicle, which closed in 2005. Chaddha says he expects Mayfield will begin investing the new fund within the next six to nine months. The firm invests in India with a separate $111 million fund raised in 2008.
Chaddha said that the previous main fund was raised from 36 LPs. He said the firm added a couple of universities, state pensions and foundations to its LP roster for the new vehicle, although he wouldn’t disclose names of any LPs.
As expected, Fund 13 does not include Yogen Dalal and Janice Roberts as directors. Dalal, who joined the firm in 1991, and Roberts, are listed as venture partners in Fund XIV.
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Mayfield Fund Announces Closing of $365M Mayfield XIV
Mayfield XIV will invest in early-stage mobile, cloud/SaaS, social, energytech, and big data companies
July 12, 2012, Menlo Park, CA – Mayfield Fund today announced the successful closing of Mayfield XIV, a $365 million venture capital fund aimed at early-stage IT companies that leverage the themes of mobile, cloud/SaaS, social, energytech, and big data. Mayfield XIV will be led by Navin Chaddha, along with directors Tim Chang, Robin Vasan, Rajeev Batra, and James Beck, Chief Operating Officer.
“Mayfield XIV is our third consecutive sub-$400 million fund. Despite being oversubscribed, we felt that keeping it to $365 million made sense for our early-stage investing focus,” said Chaddha. “We value the support of our limited partners who appreciated our consistent investment strategy, top-quartile performance, built-for-the-future team, theme-based investing approach, and 43-year history of investing in relationships.”
Mayfield Fund’s active portfolios include many innovative companies such as Appcelerator, Branchout, Couchbase, Gigya, Marketo, Solarcity, and StorSimple.
Some recent successes include: 3PAR Data (acquired by Hewlett Packard), Ankeena (acquired by Juniper Networks), Quickoffice (acquired by Google), Redbeacon (acquired by The Home Depot) and Wichorus (acquired by Tellabs). Prior hallmark successes of the firm include 3COM, Citrix Systems, Concur Technologies, Redback Networks, SanDisk, TIBCO, and webMethods.
About Mayfield Fund
Mayfield Fund is a global venture capital firm with over $3 billion under management and a 43-year history of investing in relationships. Mayfield invests primarily in early-stage IT companies that leverage the drivers of mobile, cloud/Saas, social, energytech, and big data. Since its founding in 1969, the firm has invested in more than 500 companies, resulting in over 100 IPOs and more than 100 mergers or acquisitions. For more information, visit www.mayfield.com.