Sierra Ventures Raising $200 Million Fund – Filing

Menlo Park, Calif.-based Sierra Ventures is seeking to raise up to $200 million for a tenth fund, according to a securities filing.

Sierra declined to comment about plans for a new fund. The firm, which focuses on early stage Internet and technology investments, raised its last fund, the $400 million Sierra Ventures IX, in 2006. Prior to that, it raised a $500 million fund in 2000.

So far this year, records show Sierra has been an active investor, participating in new rounds for at least 16 companies, according to Thomson Reuters. Most recently, it backed rounds for Appcelerator, a Mountain View, Calif.-based provider of software and services for mobile, tablet and desktop app developers and digital marketing startup thismoment. While it’s best known as a Silicon Valley investor, Sierra is also has a number of portfolio companies in India and China.

The firm also had a number of exits in 2010. Two portfolio companies – wireless networking provider Meru Networks and India-based travel site MakeMyTrip – went public. Other portfolio companies sold to acquirers, including Greenplum, a data warehousing technology provider purchased by EMC, and Simplify Media, a developer of software for playing music from remote devices that was bought by Google.

Sierra is one of the more longstanding Sand Hill Road venture capital firms, dating back to 1982. It’s been an early investor in some prominent technology companies over the years, including Intuit and Healtheon (now part of WebMD). Limited partners who have invested in previous Sierra funds include the Illinois Municipal Retirement Fund, Princess Private Equity Holding, and the Connecticut State Treasurer, according to Thomson Reuters.

The filing lists three Sierra managers: Mark Fernandes, Tim Guleri and Yunbei “Ben” Yu. Other managing directors listed on Sierra’s website include David Schwab, Peter Wendell and Steven Williams, along with partners Robert Walker, Vispi Daver and Gamiel Gran.

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