Rembrandt frames $35M more

Rembrandt Venture Partners, a balanced stage technology firm, has closed on $35 million more toward a $200 million hard-capped second fund, bringing its total raised to $110 million, according to a regulatory filing.

The firm had reached $75 million by September of last year.

Rembrandt, founded in 1998, has allotted nearly $440,000 to its placement agent, Sparring Partners Capital, the filings shows.

Investors in the fund include Hirtle Callaghan & Co., Permal Capital Management, RHM Pension Trust Limited and Nortrust Nominees Ltd. for Schroder Private Equity Fund of Funds IV, documents show.

Fund-raising will no doubt be buoyed by several positive exits. Eight of the firm’s 25 portfolio companies have been acquired, according to data from Thomson Reuters (publisher of PE Week), including digital security company IronPort, which was bought by Cisco Systems; mobile email company Good Technology, which was bought by Motorola; and Rembrandt-incubated email management company MetaLINCS, which raised $13 million before selling to Seagate Technology for $82 million.

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 made six investments last year, according to data collected by Thomson Reuters. It backed wireless provisioning software company Proximetry in a $3.8 million Series B round; enterprise software company Xactly in a $30 million Series D; an undisclosed investment in software company Electric Cloud; sales performance company InsideView Technologies in a $6.5 million Series A; application promotion business Permuto in a $6 million early stage round; and content company Betawave Corp., in a $28 million buyout deal.

The Menlo Park, Calif.-based firm raised $70 million for its first fund, which closed in 2003. The firm added $12 million to fund I in a supplemental fund-raising effort in March.

The firm counts Gerald Casilli, Richard Ling and Douglas Schrier as its general partners, according to its regulatory filing. —Alexander Haislip