DFJ Raises $350 Million for Tenth Fund
Draper Fisher Jurvetson has wrapped up its tenth fund, with $350 million in capital commitments. The firm posted a related press release to its website late Friday, but didn’t submit it to the newswires. “Raising a fund is no longer a newsworthy event from our perspective,” DFJ partner Josh Stein explained to me over the weekend. “We want to generate attention for our exits.” It’s an interesting argument, and one worth further discussion. Maybe tomorrow. For now, however, let’s discuss the fundraise (because that is, for better or worse, what we do here)… DFJ originally sent out books in late 2008 with a $600 million cover, which was a slight reduction from the $650 million raised in 2007 for Fund IX. But launching a venture fundraise in late 2008 was a lot like me trying to buy a Porsche. You can say you’re going to do it. You can go through the opening motions. But, eventually, some inescapable realities turn the entire thing into a farce.
