Columbia Capital is raising its fifth venture capital fund to invest in wireless, broadband, enterprise and media companies. The fund, called Columbia Capital Equity Partners V, has a $650 million target. The fund, in tandem with a parallel overseas fund, has closed on $231.8 million to date. Columbia Capital is also raising a co-investment fund with a $100 million target, bringing the total fundraise goal to $750 million. The firm’s prior fund closed in 2006 with $560 million in commitments.