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Foundation Capital raising $500 million

January 11, 2012: 10:55 AM ET

Foundation Capital makes changes ahead of new fund.

Foundation Capital, a Silicon Valley venture firm focused on IT and cleatech investments, is looking to raise around $500 million for its seventh fund, Fortune has learned.

This is significantly smaller than the $750 million it raised for its sixth fund in early 2008, which perhaps is why the partnership itself may be a bit smaller. Sources say that longtime Foundation general partners Paul Koontz and Rich Redelfs will transition into venture partner roles (or something similar) once the new fund begins investing.

Koontz joined Foundation in 1996 from Netscape, and currently serves on the boards of Financial Engines (FNGN), Envestnet (ENV), Yaolan Media and eBates. Redelfs joined in 2004 after having served as CEO of Atheros Communications, and currently sits on the boards of  ACCO Semiconductor, Dust Networks and Transphorm.

Adam Grosser, a general partner when Foundation raised its last fund, left in late 2010 to join Silver Lake Partners.

Foundation Capital did not respond to requests for comment.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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