Draper Fisher Jurvetson has raised $350 million for its 10th venture capital fund targeting the cleantech, IT, mobile and life science sectors. The sum is significantly smaller than its previous fund, which closed on $650 million in 2007.
The Menlo Park, California-based firm had been in market for Fund X since 2008, lowering its initial target for Fund X to $400 million from $600 million. It did not use a placement agent.
Companies in the US, China and India will likely receive the bulk of the fund’s investment, said DFJ managing director Josh Stein in an email to PEO, but management is also considering investments in other areas, such as Europe and Israel.
Fund X will co-invest alongside the DFJ Global Network funds, a group of 17 partner funds spanning four continents and $7 billion under management.
Limited partners in Fund X include the New Mexico Public Employees Retirement system, which recently made a $20 million commitment, and the Texas County and District Retirement system, which commited $25 million in January. The Tennessee Consolidated Retirement system, a $30 billion pension, has also previously commited captial to Fund X.
Founded in 1985, DFJ pursues a variety of venture strategies across the globe, and has invested in cleantech companies such as Tesla Motors, SolarCity and Synthetic Genomics. The firm has offices in more than 30 cities around the world and has backed more than 600 companies.