Foundation Capital to Seek Smaller Fund VII Without 2 GPs from Fund VI
Foundation Capital has set out to raise $400 million for its seventh fund, considerably less than the $750 million it raised in 2008 for its sixth fund.
PeHUB reported last September that Foundation was pre-marketing a seventh fund that would match the size of fund six.
A regulatory filing lists the fund’s partners as Bill Elmore, Ashu Garg, Paul Holland, Paul Koontz, Charles Moldow, Ashmeet Sidana, Steven Vassallo, and Warren Weiss.
Two general partners from Foundation’s sixth fund aren’t listed as GPs for fund seven: Rich Redelfs and Mike Schuh.
PeHUB sought comment via email from Redelfs, Schuh and Foundation founder Elmore. We will update this story with any response.
Redelfs
Schuh
Redelfs joined the firm in 2004 after more than 20 years in networking and communications. Prior to Foundation, he was CEO of WiFi chipmaker Atheros Communications, which was bought by Qualcomm last year for more than $3 billion. Redelfs currently sits on the boards of ACCO Semiconductor and Transphorm, according to the firm’s website.
Schuh joined Foundation in 1998. Prior to that he co-founded and was CEO and chairman of Intrinsa Corp., an app developer bought by Microsoft. Schuh currently serves on the boards of Netflix (Nasdaq: NFLX), Responsys, Boardvantage, Jasper Design Automation and GridIron Systems, according to Foundation’s website.
Karen_Mc said on April 10, 2012
Too bad! I’d be surprised if they can close the fund. Firms like Foundation. Sigma, Hummer are going nowhere fast.
Lawrence J. Aragon said on April 10, 2012
Karen: Well, it certainly won’t be easy except for the top-quartile funds. See my earlier post about LPs’ continued tepid interest in VC. http://www.pehub.com/144054/top-lps-expect-vc-fundraising-to-remain-difficult/ One LP told me that $20 billion a year is about right for U.S. VC funds. If that’s the case, we’re going to see a lot of smaller funds — and a bunch of funds that just don’t get raised.