Globespan Capital Partners has closed its fifth fund with commitments of $380 million (€277 million), giving the US venture firm a total of $1.1 billion under management.
The oversubscribed fund was marketed to existing and new limited partners for “a few quarters”, according to managing director and co-founder Andy Goldfarb.
The latest fund’s limited partners – several of which are new – include state and corporate pension funds, university endowments, fund of funds such as Portfolio Advisors, and international pension funds from Europe and Asia, as well as Japanese companies. The firm’s first two funds were raised entirely from Japanese investors.
The fund’s investment strategy will be slightly different than previous Globespan funds, which typically make investments of $250,000 to $15 million in tech companies between seed and Series C stage.
“It’s the same strategy but we’ve augmented it to include direct investments in Japanese companies,” Goldfarb told PEO.
Previously, Globespan allocated its capital to US companies only, investing roughly one-third in Silicon Valley, one-third on the East Coast, and one-third in other US cities, Goldfarb said. Fund V will invest roughly 10 percent to 15 percent of its capital in Japan, he said.
“We strongly believe in the emergence of the Japanese entrepreneur and the global opportunity of venture capital,” Goldfarb said in a statement.
Globespan closed its fourth fund in 2004 on $285 million. The firm has offices in Boston, Palo Alto and Tokyo, and has invested in more than 125 companies since 1996.