Rembrandt pictures second fund

Rembrandt Venture Partners, a balanced stage technology investor, has closed on $55 million toward a second fund with a hard-cap target of $200 million, according to a regulatory filing.

Investors in the fund include Hirtle Callaghan & Co., Permal Capital Management and Nortrust Nominees Ltd., which invested on behalf of Schroder Private Equity Fund of Funds IV.

The new fund would be considerably larger than the Menlo Park, Calif.-based firm’s prior funds. Rembrandt is in the midst of rolling up its vintage 1998 first fund (whose size was never disclosed) with its vintage 2003 second fund (an $82 million vehicle). It will refer to those combined vehicles as Rembrandt One once the consolidation is complete.

Rembrandt counts Gerald Casilli, Richard Ling and Douglas Schrier as its general partners. Schrier declined to comment.

Since its founding 10 years ago, Rembrandt has invested nearly $65 million in 25 companies, according to data from Thomson Reuters (publisher of VCJ).

Merger mania

Fund-raising for its latest effort was no doubt buoyed by 10 exits from Rembrandt One. Eight of that fund’s 25 portfolio companies have been acquired, according to data from Thomson Reuters. That list includes digital security company IronPort Systems, which was bought by Cisco Systems for $830 million in 2007; mobile email company Good Technology, which was bought by Motorola for an undisclosed amount in 2006; and Rembrandt-incubated email management company MetaLINCS, which sold to Seagate Technology last year for $82 million.

Additionally, two Rembrandt portfolio companies have gone public: Internet data company comScore and semiconductor company Cavium Networks. Another portfolio company, software developer Convio, filed to go public in August 2007, but has yet to make its offering.

Rembrandt has made three investments so far this year. It backed wireless provisioning software company Proximetry in a $3.8 Series B at a 50% up valuation; it backed enterprise software company Xactly in a $30 million Series D; and it made an undisclosed investment in software company Electric Cloud, also at a 50% up valuation, according to a source close to the firm.Rembrandt has hired Sparring Partners Capital to help with the fund-raising and has allotted more than $400,000 to the placement agent, according to the regulatory filing. —Alexander HaislipDEALWATCH: Five recent investments by Rembrandt OneCompany_DescriptionElectric Cloud_IT infrastructure management software.

InsideView Technologies_Software for salespeople.

Proximetry_Software for managing wireless networks.

Socializr_Online information about events and parties.

Xactly_Software to track compensation for salespeople.

Source: Thomson Reuters