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Cendana Capital preps direct invest fund

November 26, 2013: 3:31 PM ET

Cendana Capital is known for backing seed-stage VC funds. Now it also plans to invest alongside them.

FORTUNE -- Cendana Capital Partners yesterday made two SEC filings: The first was for a $30 million-targeted fund named Cendana Capital II, while the other was for a $25 million-targeted fund called Cendana Investments LP.

Fortune has learned that the first one is a fund-of-funds focused on seed venture capital, much like the San Francisco-based shop's $28.5 million debut vehicle (which co-invests alongside a $60 million commitment from the University of Texas Investment Management Company, which also will co-invest with Fund II).

The second fund will make direct co-investments alongside its seed fund portfolio, usually at the early growth stages.

To date, Cendana has made LP commitments to such firms as Bowery Capital, SoftTechVC, Forerunner Ventures, Founder Collective, Lerer Ventures, IA Ventures, PivotNorth Capital, Freestyle Capital, Accelerator Ventures and K9 Ventures.

Cendana founder Michael Kim declined to comment, due to regulatory restrictions.

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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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