VC fund briefs, week of April 19, 2010

Greycroft closes second fund

Greycroft Partners last week announced that it has closed its second fund with $130.7 million in commitments.

The venture firm, launched by Alan Patricof with a focus on digital media startups, raised $50 million from high net worth individuals for its debut effort in 2006. The fund was later expanded to $75 million.

Greycroft II was raised from at least 10 institutional investors, including JP Morgan Investment Advisors.

Greycroft has invested in more than 30 companies in the media space, including Collective; The Huffington Post; Paid Content, which was sold to Guardian Media; Digisynd, which was sold to Disney; and Pump Audio, which was sold to Getty.

Greycroft closes its second fund as it’s in the process of hiring an additional partner for its Los Angeles-based office, which is headed by Partner Dana Settle. The firm also has promoted Ian Sigalow in New York from principal to partner.

Greycroft will continue to use the Village Ventures network for certain back-office functions, in exchange for a fee. —Dan Primack

LPs flock to new Sequoia Capital fund

Sequoia Capital is reportedly oversubscribed for its new fund.

The venture firm was looking to raise about $1 billion for a vehicle that would consolidate several, but not all, of its existing geographic strategies.

Sequoia has asked potential investors to provide a wide range of interest level, which led to many LPs being cut back. One investor said that there may have been more than $4 billion of interest, with Sequoia holding out on a final close until it can finalize talks with a few sovereign wealth funds.

Sequoia raised $430 million for its current U.S.-focused fund, which closed in 2006. The firm also manages a growth equity fund and is investing from separate funds in China, India and Israel. —Dan Primack

Jafco raises $100M

Jafco Ventures has secured $100 million from Japanese parent company Jafco Co. Ltd., to capitalize its fourth fund. The firm’s third fund was capitalized with $150 million in 2007.

The Palo Alto, Calif.-based firm also has hired Paul Sallaberry, most recently an executive with Veritas Software, as a venture partner.

His addition to the team comes on the heels of Nick Sturiale and Jeb Miller joining Jafco early last year as general partners.

Rembrandt wraps up second fund

Rembrandt Venture Partners, a balanced stage technology firm, has closed its second fund with $160.5 million in capital commitments. The Menlo Park, Calif.-based had raised about $110 million as of July 2009, PE Week previously reported.

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

Rembrandt 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 early 2009.