Data Collective almost done raising second fundDecember 18, 2012: 11:12 AM ET
"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.
Sign up for Dan's daily email newsletter on deals and deal-makers: GetTermSheet.com