Term Sheet

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Data Collective raising new fund

October 31, 2012: 4:16 PM ET

Going small on big data.

FORTUNE -- Last week I asked Term Sheet email readers if it would be possible to raise a micro-VC fund focused on enterprise rather than consumer. Lots of replies, and certainly something I plan to revisit in depth soon. One problem, of course, is that "enterprise" is way too broad a term to be meaningful. After all, there's a decent argument that LinkedIn is an enterprise company.

In the meantime, a bit of info on one fund that may be relevant: Data Collective, the early-stage "big data" effort recently launched by Matt Ocko and Zach Bogue.

To be sure, the term "big data" also has become confused, with companies like Pinterest trying to co-opt the mantle. But my understanding is that Data Collective is focusing only on startups with an algorithmic base to their product.

The San Francisco-based firm originally raised just $6 million for its debut fund (a proof of concept, if you will), and now is targeting between $70 million and $75 million for its second effort. Hearing that it may already have a cornerstone investor from the sovereign wealth world.

Data Collective also has hired a group of "equity partners" – mostly senior executives at operating companies who are expected to work a handful of hours each month (sourcing, etc.) in exchange for carry. These equity partners, who I've not yet been able to identify, also would have co-invest rights.

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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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