SoftTech expands its opportunity fund to $45 mln

SoftTech VC, which filed with the Securities and Exchange Commission in January to raise two new funds, has expanded the size of one of the funds by 50 percent, according to a new regulatory document.

The filing indicates that SoftTech VC Breakout Fund I is now targeted at $45 million.

In January, the firm set out to raise $100 million for SoftTech VC V, as well as $30 million for its Breakout Fund, also known as an opportunity fund, to back SoftTech portfolio companies. The breakout fund has still only had a $3 million first close with one LP, according to the latest document. The firm has not previously raised an opportunity fund.

Founder Jeff Clavier is still listed as managing partner of SoftTech, although he recently promoted Stephanie Palmeri and Andy McCloughlin each to partner.