DFJ closes growth fund on $470m

The growth arm of venture firm DFJ exceeded the fund’s $350m target.

DFJ has closed its DFJ Growth 2013 fund on $470 million, according to the firm’s website.

DFJ Growth 2013 launched last year with a $350 million target, according to Private Equity International’s Research and Analytics division. The fund was oversubscribed and has invested in five companies. The investments include computer software company DataStax, 3D printer maker Formlabs, mobile check-in application Foursquare, enterprise computing software SimpliVity and spacecraft designer and manufacturer SpaceX, according to the website.

DFJ’s growth funds typically invest in companies raising $10 million or more. The practice is led by DFJ’s four co-founders John Fisher, Mark Bailey, Randy Glein and Barry Schuler.  

DFJ’s debut growth fund raised $290 million in 2006, according to PEI data. The fund invested in companies including cloud content manager Box, enterprise social network Yammer, which is now part of Microsoft Office and Twitter which was publicly listed on the New York Stock Exchange in November 2013, according to the website.

DFJ’s venture practice makes seed investments in companies seeking up to $1 million in initial funding and early-stage investments in companies seeking up to $10 million, according to the website. Target companies are typically in the consumer, enterprise and disruptive technology sectors.

In February, DFJ closed its DFJ Venture XI fund on its $325 million target. Fund XI limited partners include the San Francisco Employees’ Retirement System and the Texas County and District Retirement System, according to PEI data. DFJ has also raised two funds with DragonVenture to invest in early and middle-stage technology companies in China.