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Data Collective almost done raising second fund

December 18, 2012: 11:12 AM ET

numbers"Big data" fund nears a big close.

FORTUNE -- Data Collective, a venture capital firm focused on early-stage "big data" and IT infrastructure companies, is almost done raising its second fund, Fortune has learned.

The San Francisco-based firm is about to hold a first close just south of $70 million, and already is oversubscribed on its $75 million target. A final close will occur once it figures out remaining allocations.

Data Collective raised its $6 million first fund earlier this year, almost as a proof of concept. Not just the target sector, but also its unusual strategy of leveraging 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.

So far, I'm told that the debut fund already has returned 85% of investment to its limited partners (including some cash in escrow), with around 40 remaining portfolio companies. The internal rate of return is north of 120%.

Data Collective is managed by veteran venture capitalist Matt Ocko (VantagePoint, Softbank Technology Ventures, Sevin Rosen) and Zack Brogue, a former corporate attorney and angel investor who also happens to be married to Yahoo (YHOO) CEO Marissa Mayer.

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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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