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Exclusive: Accel Partners raising two new funds

January 21, 2014: 11:19 AM ET

Early Facebook backer hits the market with pair of new funds.


FORTUNE -- Early Facebook (FB) investor Accel Partners is beginning to raise its twelfth venture capital fund focused on early-stage tech companies, Fortune has learned. Accel also will simultaneously raise its third growth equity fund, with both efforts expected to wrap up by the end of Q1.

Limited partners I spoke with have not yet seen formal targets, but believe the two funds will raise an aggregate of around $1.35 billion. That's the same thing Accel secured three years ago, when it raised $475 million for its eleventh early-stage fund and $875 million for its second growth fund.

As previously reported, one big change this time around is that neither Kevin Efrusy nor Theresia Gouw will be listed as general partners on the new fund. There also had been some rumors that Jim Breyer also would step back, but I'm told such speculation is unfounded (i.e., he'll be listed as a GP on the docs).

Current Accel portfolio companies include 99Designs, Dropbox, Etsy, HotelTonight, Halio, Modcloth, Opower, StumbleUpon  and Spotify.

Accel declined to comment on fundraising, citing SEC restrictions.

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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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