VC fund briefs, week of Oct. 29, 2007

Guggenheim Venture Partners undergoes changes

Javier Fernandez

has left Guggenheim Venture Partners, an early stage tech shop formed last year as a spinout from TL Ventures, to form Ginkgo Capital in Portland, Ore.

Fernandez was one of three partners at the firm, which had a debut fund-raising target of $150 million. WIth two partners remaining—Michael Burns and Eric Rothfus—Guggenheim will likely raise under $100 million.

Guggenheim is now using Moravia Capital as an outside placement agent rather than Guggenheim’s in-house team, and also has added “re-start technology companies” to its focus area.

DFJ closes growth fund

Draper Fisher Jurvetson
announced last week that it has closed its debut growth fund with $290 million in capital commitments. PE Week first reported in August that the firm was due to close on nearly $300 million, above its revised target of $250M.

The fund will focus on “large opportunity” growth stage private tech companies that have completed the initial development stage and are generating revenue.

The fund has already invested in such companies as Visto, a provider of enterprise mobile email applications; Raydiance, creator of a desktop ultra-short pulse laser; UUSEE, China’s leading provider of IPTV networks; Kajeet, a mobile phone service for young people; and Solar City, a provider of residential solar energy solutions in California.

The fund’s team is led by former AOL Chairman and CEO Barry Schuler; venture capitalist and former Symantec and Healtheon WebMD executive Mark Bailey; and DFJ Managing Director John Fisher.

The growth team also includes Director Randy Glein, a DFJ veteran who was previously at Hughes New Ventures and Tribune Ventures; Associate Dan Groen, formerly of TA Associates; and Associate Benjamin Stingle, also a DFJ veteran.

Syncom cinches fund V

Syncom Management Co. has closed its fifth venture fund, Syndicated Communications Venture Partners V, with $275.4 million in capital commitments. The Silver Springs, Md.-based firm focuses on early stage media and communications opportunities, plus select later stage opportunities. The firm raised about $140 million for its fourth fund in 2000.

Sequel to delay fund IV

Sequel Venture Partners

of Boulder, Colo., has decided to delay raising its fourth fund, according to VentureWire. Sequel Partner Tim Connor said: “The feedback we heard is ‘you’re doing great, we like the team, we like the strategy, we just want to see some more realizations.’”