VC fund briefs, week of March 17, 2008

Helion raises fund II

Helion Venture Partners, an India-focused VC firm, has closed its second fund with $210 million in capital commitments. The firm closed its debut fund in late 2006 with $140 million to focus on Internet outsourcing technologies and mobile services. Helion plans to follow a similar investment strategy and expand into the consumer services sector.

The firm was co-founded by Managing Directors Ashish Gupta, Kanwaljit Singh and Sanjeev Aggarwal and Director Rahul Chandra. Gupta was most recently a venture partner at the Woodside Fund in Redwood City, Calif. Woodside helps Helion source deals and acts as an advisor to the firm.

DFJ VinaCapital raises nearly $4M

Draper Fisher Jurvetson’s Vietnamese affiliate fund, DFJ VinaCapital Partners, has raised $3.9 million from 16 investors for its LLC, according to a recent regulatory filing.

The LLC is distinct from the fund shared between DFJ and Ho Chi Minh City-based VinaCapital. That fund raised $25 million as of March 2007.

The fund will focus on early stage technology fund that promises to invest in startups and equitized state-owned-enterprises in Vietnam, according to a regulatory filing. The target for the fund is $50 million.

Jennifer Fonstad, who manages the relationship for DFJ, is listed as a fund director with Horst Geicke, Don Di Lam and Louis Nguyen. VinaCapital’s website also lists Jonathan Koon-shum Choi as the fund’s chairman.

The partnership has a 2.5% management fee and a 20% carry and plans to recruit technology experts as limited partners, according to VinaCapital’s website.

Incubation forms seed fund

San Francisco-based Incubation Venture Partners, the VC arm of ne media company Incubate Group Corp., has formed a venture see fund to finance the development of video games, toys, TV programs and graphic novels.

The fund, Azcatl Seed Capital Fund, seeks to raise up to $20 million.

Incubate is led by CEO Peter Leahy, a video game industry veteran and former publisher of

FTVentures locks down about $465M

San Francisco-based FTVentures has raised $465.4 million from 161 investors for its third fund, according to a regulatory filing. The firm had reportedly closed between $350 million and $450 million in October 2007, on the way toward a $600 million target. There is no mention of such a target in its most recent regulatory filing.

The firm, previously known as Financial Technology Ventures, began raising the fund in early 2006.

FTVentures invests in software and other tech companies that support financial services. It raised about $423 million for its second fund in 2001 and $200 million for its first fund in 1999. Its most recent filing, Richard Garman, Bradford Bernstein, Benjamin Cukier, James Hale, David Haynes, Robert Huret, Derek Lemke-von Ammon and Mark Lotke are listed as general partners

London-based TLcom holds first close

TLcom Capital, a London-based venture capital firm, has held a first close for its second fund of about $78 million. The fund target is about $235 million, and follows a $215 million debut fund that closed in late 2000.

Limited partners include Access Capital Partners, European Investment Fund, IDeA Alternative Investments and Finlombarda Gestioni SGR.

Pequot splits

Pequot Ventures is separating from Pequot Capital, effective June 30. The venture team will be renamed FirstMark Capital, and will assume responsibility for its existing assets under management.