Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Exclusive: Accel and Sequoia vets form new VC fund

April 8, 2013: 2:37 PM ET
Peter Wagner & Gaurav Garg

Peter Wagner & Gaurav Garg

The latest micro-VC effort comes from some pretty big names.

FORTUNE -- Veteran venture capitalists Peter Wagner and Gaurav Garg are raising a new fund together, Fortune has learned.

The effort's working name is Alpha Venturi, and word is that the pair is seeking to raise between $50 million and $100 million.

Wagner spent nearly 15 years with Accel Partners, backing such companies as Arrowpoint Communications (acquired by Cisco for $5.7 billion), Fusion-io (FIO) and Infinera Corp. (INFN). Since leaving in 2011 he has backed numerous startups as an individual investor, including FireEye, Mobile Iron, Shape Security and Talaria (acquired by Google).

Many of those angel deals have been done alongside Garg, who spent 11 years as a Sequoia Capital partner focused on semiconductor and systems investments. The two originally worked together on Redback Networks, where Garg was a co-founder and Wagner an investor (via Accel).

It's unclear when the pair officially chose to raise a fund together, with Garg telling me last year that he had "adopted the loose confederation model prevalent in the angel community." But multiple sources say that the pair has been meeting with various gatekeepers and limited partners lately, and that the response has been positive.

Neither Wagner nor Garg responded to a more recent request for comment.

Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com
Join the Conversation
About This Author
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.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.