Pishevar’s Sherpa Ventures Sets Sites on $150M Fund — Updated

Former Menlo Ventures Managing Director Shervin Pishevar is raising $150 million for a new venture capital fund called Sherpa Ventures Fund, according to a regulatory filing.

(Update: Sherpa held a first close on $87 million, Fortune reported on Feb. 4, 2014.)

Pishevar stepped back from Menlo in February to start two new ventures — Sherpa and The Foundry — with Goldman Sachs banker Scott Stanford. The Foundry is expected to be a company-building entity, while Sherpa is a fund, according to an interview Pishevar gave to AllThingsD earlier this year.

The SEC filing shows that Sherpa has set a fundraising target of $150 million and has not yet raised any capital. It does not list a minimum investment amount. Pishever and Stanford are listed as “managing directors” of the fund.

Pishever, who remains a “venture advisor” at Menlo, has declined to go into specifics about how the two entities will work with each other, but he has said that The Foundry isn’t an incubator or accelerator.

Photo: Shervin Pishevar speaks at Thomson Reuters’ Venture Alpha East conference in April. Photo by Jared Kuzia for Venture Capital Journal