Fundraising

Draper Fisher Jurvetson Raising Another $600 Million, Just as Forbes Shines an Unflattering Light on Its Performance

LRG Capital Launches Hospitality Fund

FTVentures is now FT Capital

FTVentures has changed its name to FTV Capital.

Sequoia Israel Raises Fourth Fund

HRJ Capital Drops The Ball

HRJ Capital, the fund-of-funds manager formed in 1999 by a pair of ex-NFL stars, has hit its two-minute warning. The San Francisco-based firm is unable to pay back a $68.9 million warehouse loan it received from Silicon Valley Bank, and is now negotiating a settlement that could include SVB taking over management of HRJ's funds (with some HRJ pros likely joining SVB). If that were to happen, SVB would use the management fees to slowly pay off the debt. Also worth noting that "negotiating" is a very soft word for what's going on, given that SVB basically holds all the cards here.

Michigan F-O-F Makes First Commitment

Arboretum Ventures has received a $5 million commitment from its second fund, from the Renaissance Venture Capital Fund, a new venture fund-of-funds focused on the Michigan market. This is Renaissance’s first commitment.

DFJ Dragon Raising Second Fund

Public Pension Bonus Battles Begin

Earlier this week, I suggested that public pension systems could become embroiled in bonus battles that would play out on the front pages. At issue would be managers who get cut checks for beating market benchmarks, even if both the benchmarks and their individual performance are underwater. Well, it seems that such a situation has already occurred. A helpful reader points us to this story from South Carolina, where the state retirement system owed chief investment officer Bob Borden a $176,000 bonus for performance relating to the fiscal year ending June 30. South Carolina Treasurer Converse Chellis moved to block the payment, arguing that it was inappropriate given state budget cuts and state worker furloughs. Chellis took his fight to the system's investment commission

Bain Capital Ventures Raising New Fund

Bain Capital Ventures has begun raising its fourth fund with a $500 million target and $750 million hard cap, according to VentureWire. A first close is expected early next year. The Boston-based firm closed its third fund in 2007 with $550 million. www.baincapitalventures.com

GSR Ventures III Hits $365 Million Mark

GSR Ventures, a China-focused VC fund with offices in Beijing and Silicon Valley, has secured $365.25 million in capital commitments for its third fund, according to a regulatory filing. A firm spokeswoman declined to say if GSR has held a final close. www.gsrventures.com