Term Sheet

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Accel and Sequoia vets raise new VC fund

July 3, 2013: 11:28 AM ET
Wagner & Garg

Wagner & Garg

Wing Venture Partners takes flight with $111 million.

FORTUNE -- Veteran venture capitalists Peter Wagner and Gaurav Garg have raised $111 million for a new fund called Wing Venture Partners, according to a regulatory filing.

Fortune first reported in April that the pair had teamed up, with plans to raise between $50 million and $100 million for an early-stage technology fund based in Menlo Park. Seems the fund was well oversubscribed, with some prospective investors unable to get any allocation at all.

Wagner had spent more than 14 years with Accel Partners, where his deals included Arrowpoint Communications (acquired by Cisco for $5.7 billion), Fusion-io (FIO) and Infinera Corp. (INFN). Garg previously was a partner for 11 years with Sequoia Capital, focused on semiconductor and systems deals like Aruba Networks (ARUN), Ruckus Wireless (RKUS), MobileIron and Jawbone.

Wagner and Garg both also worked on Redback Networks, where Garg was a co-founder and Wagner an investor (via Accel), and have done a series of angel deals together since each leaving their respective firms.

I've reached out to Wagner and Garg and will update this post if they respond.

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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.

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