If you don’t like fundraising, you probably shouldn’t be an investor. And you most definitely shouldn’t work for San Francisco-based Crosslink Capital, whose partners fundraise year round. The reason, as some readers will know, is that Crosslink invests out of three funds: a venture capital fund, a crossover fund that backs both private and public companies, and a hedge fund that exclusively invests in public companies.
The firm closed its sixth and most recent venture capital fund with $200 million last September. (Its previous two venture funds closed with $250 million and $230 million respectively.) Rather than kick back and celebrate, Crosslink is out raising its crossover fund, whose target is anywhere from $450 million – the size of its last crossover fund – to $280 million, the amount of its second-to-last crossover fund.
“If we come in somewhere between those two, we’ll be really happy,” says Jim Feuille, a general partner who has been with Crosslink since 2002 and sits on the board of Pandora along with nine other companies.
Given that Feuille knows a thing or two about fundraising, as well as late-stage investing, I’ve been wanting to get his views on the spate of late-stage funds and investments we’re seeing today. I finally caught up with him this afternoon. Our conversation has been edited for length.