VC fund briefs, week of Sept. 29, 2008

Former NEA venture partner Jacimovic raising Continuum fund

Vladimir Jacimovic

, a onetime venture partner at New Enterprise Associates, has scaled back the target for the debut fund of Continuum Capital.

Continuum Capital is a San Francisco-based firm that sources say is seeking $150 million for a strategy that involves investing in growth and buyout deals.

When Continuum Capital was formed last year, Jacimovic and Greg Back (formerly of Warburg Pincus) were planning to raise $500 million. But Back recently left to partner with Jeff Dunn to launch 280 Capital, a Sunnyvale, Calif.-based private equity firm that¹s seeking $250 million for its inaugural fund.

Jacimovic declined to comment. He joined NEA in 2005 and focused on investments in information technology, including software, communications and technology-enabled services.

Continuum Capital seeks to combine elements of buyouts and growth investing for targets with $10 million to $15 million in revenue and is collecting commitments based on that strategy, according to its website. The partnership roster also features Ashley Fienglien (formerly with General Atlantic) and Barton Foster (ex-CEO of Rogue Wave Software).

280 Capital’s website was under construction late last week. —Erin Griffith

Austin Ventures raises $900M

Austin Ventures last week closed its 10th fund with $900 million in capital commitments. The firm raised $525 million for its prior fund, which closed in 2006.

The latest vehicle is structured as a single fund, but includes a $300 million “opportunity pool” that will be used to help finance larger growth equity and buyout transactions. This is similar to the overage fund of Battery Ventures, which only charges fees on called capital.

Most of Austin Venture’s deals—out of the $600 million main pool—will continue to be early stage IT deals in and around Texas. Its growth equity footprint coverage is more national.

When asked if the firm would venture into cleantech, Partner Chris Pacitti said: “We decided that we prefer cap efficiency over capital intensity. There’s a lot of interesting opportunities in cleantech, but our view is that it’s grossly overfunded. It also doesn’t necessarily comport to our regional strategy.” —Dan Primack

Mayfield raises $395M

Mayfield Fund has finished raising its eighth venture capital fund, with $395 million in capital commitments. The firm’s seventh fund closed on $375 million in 2005, and includes such portfolio companies as Slide, Fixya, Rubicon Project, Qunar, Consim Info; Tejas Networks and Lattice Power.