Scoop: Former Foundation GP Grosser Raising $210M Fund

Former Foundation Capital General Partner Adam Grosser is raising a $210 million fund and apparently having some success, peHUB has learned.

Grosser — who for the past nine years has focused on cleantech investments — set a $210 million target for a venture fund in a December 30 filing with the Securities and Exchange Commission.

The SEC document shows that the fund — called the Kraftwerk Electron Fund LP — has yet to raise any capital, but a limited partner familiar with the fund tells peHUB that Grosser has already lined up commitments for about half of the targeted amount.

Details about Grosser’s efforts were hard to come by and people in the investment community say they aren’t sure of the fund’s focus. Given the fund’s name and Grosser’s background, it wouldn’t be surprising if the fund looks at cleantech investments. Grosser did not reply to several emails seeking comment.

Grosser joined Foundation in 2000 and left in November after taking a sabbatical over the summer. He served on the boards of about half a dozen companies for Foundation, including Silver Spring Networks, SiBeam, GridIron Systems, Sentient Energy and Control4 Corp., and he continues to be a director of publicly held Calix Networks Inc.

According to traditional industry benchmarks, a $210 million fund would require three or four partners to invest and likely focus on early stage investments. But industry sources say they are not aware if Grosser has lined up any partners to join him in the fund, which is to be based in Hillsborough, Calif.