Accel Raising Combined $2B for 4 Funds — Report


The Wall Street Journal is reporting that Accel Partners, the first VC investor in Facebook, is “raising four new funds this year with an overall target of more than $2 billion.” It cited “people familiar with the matter.”

peHUB sought comment from two partners at Accel. We will update this story if we hear back.

The Palo Alto, Calif.-based firm raised a 10th core fund of $520 million in 2007 plus a “strategic partners” sidecar fund for of $39.38 million for fund X in 2008, according to Thomson Reuters (publisher of this blog). Also in 2008, it raised $525 million for Accel London III and $480 million for its first dedicated growth fund, Accel Growth Fund, Thomson Reuters reports.

It is in the midst of raising Accel Partners – India Fund, which has a target of $400 million. That fund, based in Bangalore, has not yet held a final close.

Accel has enjoyed a number of large exits over the past few years, including the IPO of Qlik Technologies (Nasdaq: QLIK) last July. Following the IPO, Accel held 16.88 million Qlik shares, which were valued at $434 million at yesterday’s closing price of $25.74 per share.

Other hits for Accel include the sale of SpringSource to VMware for $362 million in cdash in August 2009, the sale of Playfish to Electronic Arts for up to $400 million in November 2009 and the sale of AdMob to Google for $750 million in November 2009.