RWI Ventures continues to corral support for its second fund. The 6-year-old firm has raised just $65 million toward its $100 million target, according to a regulatory filing. That’s just slightly more than the $52 million it had raised by the end of June.
The firm did not return calls for comment.
The fund was launched in December 2005, according to regulatory documents. The St. Paul Teachers’ Retirement Fund Association is an investor in fund II along with 37 other investors.
The slow pace of fund-raising is surprising. RWI, based in Menlo Park, Calif., had exits from seven portfolio companies in its $103 million first fund, raised in 2000, according to Thomson Financial (publisher of PEHub.com). That includes three IPOs and four acquisitions.
RWI isn’t the only firm slow to wrap up its fund-raising. Voyager Capital is still working on its third fund, closing on $93 million, just $5 million more than what it had closed on in May. Voyager has not had an IPO since the dot-com boom, according to Thomson Financial.
Then there’s the DFJ Growth Fund, which after one solid year of fund-raising has finally crossed the halfway point in raising its first fund, closing on $128.6 million in commitments toward its $250 million target, according to a regulatory filing.