Ariva Partners, a Portola Valley, Calif.-based firm founded by venture capitalists Ajit Shah, former general partner at Worldview Technology Partners, and Robert Simon, of Alta Partners, has come out of stealth mode. The fund’s founders tell PE Week that they are seeking to raise $150 million for an inaugural fund that will make seed stage and follow-on investments in startup tech companies. PE Week subscribers can read the full story here.
Ariva plans to differentiate iself in a number of ways, inlcuding limiting the number of portfolio company board seats per partner to a maximum of three. The idea, says Shah, is to make is possible for partners to spend at least a day per week working with each startup they invest in.
To create incentives for partners, Ariva plans to share half of carried interest. Early investments by Ariva include Virident Systems, a company developing low-power servers for Internet applications, and Osteogenix, a developer of bone therapy products.