A limited partner in Draper Fisher Jurvetson’s ninth fund says the firm will not only make its $600 million target, but may go up to its hard cap of $620 million by its March 31 scheduled close. The venture firm will “easily hit that,” the limited partner says.
DFJ already has closed on $434.5 million, just two months after it launched fundraising in January. Its $600 million target is 50% larger than its current fund and the largest since its $640 million seventh fund, raised in 2000. Part of the optimism may be the product of recent success. The firm had nine of its portfolio companies acquired during 2006, according to Thomson Financial (publishers of PEHub.com).
This year it has already put one of its companies on the IPO path. Energy regulation company EnerNOC filed for a $100 million IPO in February. DFJ backed the company in each of its three investment rounds, helping it raise $27.5 million. EnerNOC closed its $15 million Series C at the end of December with a $215 million valuation, according to Thomson Financial.