Pelion Piling on With New Fund—But Easing Up on the Throttle

More than a year ago, peHUB reported that Pelion Venture Partners, the Utah-based VC that was formed with the combination of UV Partners and Novell Venture Partners, would start working on its first fundraising since the union. We didn’t have a specific target—and, as it turned out, they did not either.

Now, the VC tells regulators, it’s eyeing a mega-increase in capital compared to its last vehicle. Pelion is targeting the quirky figure of $127 million—and it’s less than $50 million from wrapping up the fund.

That said, it seems that Pelion has scaled back some already ambitious plans. About a month after our initial scoop on Pelion’s forthcoming fund five, the VC stated in a 2011 regulatory filing it was planning to pursue a $155 million fund.

Holding the fillings side by side, Pelion hasn’t added (or subtracted) any LPs in the last year as it seeks to raise its fund.

PeHUB couldn’t get any comment from Pelion for this story—not exactly a surprise as the fundraising is ongoing.

As the VC has been reeling in new LPs, it has also been deploying capital on some big deals. In April, Pelion was among a group of VCs who provided AdSafe Media $10 million and international growth prospects. Then, in June, Pelion joined Horizon Ventures to lead a $7 million round in cloud storage company Bitcasa (Andreessen Horowitz also joined in). Pelion’s biggest deal for 2012 was its most recent, however: the VC led a $13.1 million round for big data company 33Across last month.

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