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Felicis joins the VC 'overage' train

October 21, 2013: 2:46 PM ET

Silicon Valley firm adds some firepower to support its fastest-growing companies.

Felicis Ventures founder Aydin Senkut

Felicis Ventures founder Aydin Senkut

FORTUNE -- Felicis Ventures has become the latest early-stage VC firm to raise a new fund dedicated exclusively to follow-on rounds for existing portfolio companies.

It's a $7 million vehicle called Clover Fund LP, and will complement the $40 million Felicis Ventures II fund (the Palo Alto firm has since raised a $70 million third fund). Some of the new capital will be used to maintain pro rata ownership in growth rounds for existing portfolio companies, while some will be used to increase its ownership.

Examples of applicable Felicis II portfolio companies are Practice Fusion and Dropcam.

"We are extremely fortunate to have made great bets and are excited to keep supporting our portfolio through their path to further growth and success," says Felicis founder Aydin Senkut.

Fortune recently reported that Foundry Group was raising a similar 'overage' fund.

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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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