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Exclusive: Sherpa Ventures fundraise passes halfway mark

February 4, 2014: 11:00 AM ET

Sherpa Ventures holds $87 million first close, on its way to $150 million.


Shervin Pishevar

FORTUNE -- Sherpa Ventures last week held an $87 million first close for its debut fund, Fortune has learned. A final close on $150 million is expected within the next few months.

Sherpa Ventures is the early-stage tech investment firm launched last year in San Francisco by Shervin Pishevar, previously a partner with Menlo Ventures, and Scott Stanford, previously a tech investment banker with Goldman Sachs (GS). It already has made 32 investments, including recent deals for BackOps and DogVacay. Fundraising officially kicked off last September with a $60 million target for its first close.

Among the limited partners is private equity firm TPG Capital, which I'm told committed $15 million (or 10% of the fund). Interesting relationship there, given that Pishevar is an advisor and early investor in Uber, the on-demand car service company in which TPG recently invested at a $3 billion+ valuation (with TPG's David Bonderman taking a board seat).

Pishevar declined to comment, citing SEC 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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