woensdag 16 oktober 2013
General Catalyst Partners Said to Seek $600 Million for New Tech Fund; Bonno van der Putten
General Catalyst Partners Said to Seek $600 Million for New Tech Fund General Catalyst Partners, the venture-capital firm, is said to be targeting $600 million for its next fund that will invest in technology companies General Catalyst Group VII LP is seeking more capital than the firm’s prior vehicle, which raised $500 million in December 2011. The new fund apparently will stick to the same kind of deals, investing in consumer Internet, social media and other technology businesses. The firm will be entering a competitive fundraising market as private-equity investors reduce the number of managers they use in an effort to improve returns. General Catalyst, which makes both early-stage and growth investments, is said to be looking to a December close for the fund. Since its founding in 1999, the firm has raised six funds with a total of $2.2 billion in committed capital. It has invested in companies including ProfitLogic (sold to Oracle), GroupMe (sold to by Skype) and Jumptap, which is being purchased by Millennial Media in a deal announced in August. General Catalyst Partners backed travel website operator Kayak Software, which raised more than it sought in its July 2012 initial public offering and was acquired earlier this year by Priceline.com for about $1.8 billion. Last year, the firm saw some of its companies go public, including Brightcove, a provider of cloud-based video hosting and publishing services, and Demandware, which offers an e-commerce platform.