Shervin Pishevar

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.

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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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