DFJ Frontier comes closer to final close

By
Brad Meikle
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Draper Fisher Jurvetson’s DFJ Frontier affiliate closed $53.5 million toward its $80 million target, according to a regulatory filing. The firm has offices in Santa Barbara, Calif., and Sacramento, Calif. The target of DFJ Frontier Fund II is nearly four times larger than the $22 million fund that the firm raised in 2002.

The firm’s major limited partner is the California Public Employees’ Retirement System, which committed $20 million to the firm’s first fund, $12.5 million of which had been called down at the end of 2006, according to regulatory documents. The pension fund puts the cash out and remaining value of its commitment at $10.4 million, a return of negative 9.6% since 2002.

Other limited partners include Golden State Investment Fund and Oregon Investment Fund, according to the filing. DFJ Frontier is working with the Legend Merchant Group as a placement agent.

Fund-raising efforts have no doubt been helped by two acquisitions from its portfolio last year. The firm sold VoIP quality of service software maker CrystalVoice for an undisclosed amount in January 2007 and high school sports Internet portal MaxPreps for $43 million in March 2007.

The firm will likely receive help from DFJ, which has renewed its commitment to the affiliate network and has changed the way its members share carry to ensure they will work together.

David Cremin, Frank Foster and Scott Lenet are listed as DFJ Frontier managing partners on a recent regulatory filing. The firm’s website also lists Jim Schraith and former Red Herring Magazine Publisher Tony Perkins as venture partners.

The firm has also closed on a $1.45 million sidecar fund raised from 17 investors.