Draper Fisher Jurvetson Lowers Fundraising Target For Its Tenth Fund
This story was written by Rory Maher.
More sobering venture news ... Draper Fisher Jurvetson, the Menlo Park, Calif., fund has dropped the target for Draper Fisher Jurvetson Fund 10, to $400 million from $600 million according to Private Equity Insider. In an email to investors, DFJ also said it would change (for now) the percentage it takes from the fund's profits to 20 percent from 25 percent. The email did not say if the minimum investment (which was $5 million, according to a filing from December 2008), would be changed.
Venture funding dropped significantly last quarter according to the National Venture Capital Association, and some funds like BlueRun Ventures have struggled to meet fund-raising targets. But some funds are still reaching their targets. Trinity Ventures recently closed a fund after meeting its fund-raising target, and New Enterprise Associates says it is close to meeting the $2.5 billion target for its latest fund.
By Rory Maher