LPs see branded VCs as the best bet

When evaluating a venture capitalist’s request for a new fund, obviously a performance track record goes a long way in swaying a limited partner for or against. Another key factor is “brand.”


August, Aspect, Blumberg to raise money, Cendana gets another $40 mln

August Capital has set out to raise a $450 million seventh fund, while Blumberg Capital, Aspect Ventures and Northern Light Venture Capital seek to raise money of their own, according to documents filed with the SEC. At the same time, Cendana Capital roped in another $40 million and Tullis Health Investors raised $21.4 million toward a $200 million fund, according to SEC documents.


Cendana raises a $50 mln fund of funds

Cendana Capital has closed on a new $50 million fund of funds and raised money for a direct investment fund, Managing Partner Michael Kim said. The new fund, Cendana Capital II, is a step up from Cendana’s first fund, which was $28.5 million.


Recent funds in UTIMCO’s portfolio make gains: VCJ

The University of Texas Investment Management Company’s venture portfolio includes bets on recent funds from Union Square Ventures, IA Ventures, Foundry Group, True Ventures, Cendana Capital and now Techstars and Pinto Technology Ventures. A good number have started well and, through early this year, continued to make gains.


peHUB First Read

For your midweek morning news update, First Read brings you the latest on PE’s dry powder, some tips for the Hong Kong government and Silicon Valley partying like it’s 1999 again.

Cendana Has Final Close On Institutional Seed Fund Of Funds

Cendana Capital announced the final close of a pair of seed-based fund of funds on Friday. The institutional seed investor now has raised $88.2 million and taken a position with nine investment partnerships. The final close announced Friday in a document filed with Securities and Exchange Commission was on $28.2 million raised by Cendana Capital L.P.

Cendana Capital To Raise $100M Fund

Cendana Capital has kicked off its efforts to raise a $100 million fund, according to a filing with the Securities and Exchange Commission. The filing lists Michael Kim, a former partner at Rustic Canyon Partners, as director of the fund. Kim has described his San Francisco-based firm as a fund of fund that invests in […]

Social Scene: Hard-to-Get Seats at Obama’s Facebook Town Hall, Foundry Dudes Rock a New Band, 13-Year-Old’s Entreprenurial Spirit Inspires

In this week’s Social Scene, VCs and techies scramble for tickets to President Obama‘s town hall meeting at Facebook, Ryan McIntyre and Jason Mendelson are rocking a new band, David Hornik‘s son shows entrepreneurial fire at 13, Leglise, Higginbotham and Kim get ready to celebrate their birthdays, and lots of clever tweets.

The biggest news in Silicon Valley this week was President Obama’s town hall meeting yesterday at Facebook’s headquarters in Palo Alto. CEO Mark Zuckerberg donned a white dress shirt, tie and suit jacket for the occasion, but he couldn’t be talked out of wearing jeans and running shoes. (What is he, 12?) About 500 Facebook employees


Super Angels And The Startup Bloodletting Of 2011

Super angels have been super active over the past year. Now their business models will be put to the test, and a bloodletting of startups may be on the way. Both they and the new crop of micro-cap funds actively pursued seed and early stage opportunities in 2010. They funded scores of companies, including many […]


From GP to LP: “Moving Up The Food Chain”

Michael Kim announced this morning that he is leaving VC firm Rustic Canyon Partners, in order to launch a fund-of-funds shop called Cendana Capital.

“I look at this as moving up the food chain,” says Kim, who helped launch Rustic Canyon ten years ago. “I’ve really enjoyed by time as a venture capitalist, but now I’ll be able to invest in the best managers across a wider spectrum of investment strategies.”

Cendana will begin raising its inaugural fund-of-funds early next year, with a $250 million target. It will be opportunistic in terms of investments, with no pre-determined allocations.

“There are plenty of funds-of-funds focused on VC or focused on distressed, but we plan to be flexible and allocate on where we think the best opportunities are,” Kim explains. “If that means international early-stage, then that’s what we’ll commit to.”

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