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.
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. They include 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 million Series B round; enterprise software company Xactly in a $30 million Series D; and an undisclosed investment in software company Electric Cloud.
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.