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Tenaya Capital Closes $372M VC Fund

2012-07-24
WOODSIDE, CA, Venture capital firm that invests in high-growth technology companies, announced the closing of a new fund, Tenaya Capital VI.
Tenaya Capital, a venture capital firm that invests in high-growth technology companies, announced the closing of a new fund, Tenaya Capital VI. The $372 million fund was oversubscribed against a target of $300 million. Tenaya attributes the successful fundraising to top-quartile returns in its prior two funds and strong support from its limited partners.

Tenaya VI marks the firm's first independent fundraise since spinning out from Lehman Brothers in 2009. The firm has over $1 billion under management, including prior funds Tenaya IV ($300 million) and Tenaya V ($365 million).

Tenaya invests across technology sectors, including enterprise software, consumer Internet, IT infrastructure, communications and electronics. The firm focuses on companies in the initial stages of revenue growth, and will make earlier or later-stage investments on a selective basis. Tenaya is typically the lead investor in the financing round of its initial investment, and generally serves on a portfolio company's board as a director or observer. The firm's target initial investment size is $5 - 10 million, with the goal of $10 - 15 million over the life of a portfolio company.

Recent exits and notable portfolio companies include Cotendo, Endeca, InfoBlox, Isilon, Kayak, LifeSize Communications, Palo Alto Networks, PowerReviews, Qunar, Wintegra and Zappos.

"Our existing limited partners in Tenaya V came back strong in Tenaya VI," said Tenaya Capital Managing Director Tom Banahan, "which allowed us to target a small number of new limited partners." Banahan added that limited partners were attracted to the strength and stability of the team. Tenaya operates under an equal partnership structure, and the firm's investing partners have worked together for more than 10 years. "We have a unique team that has been together for a long time," said Banahan, "and we each realize that we make better decisions as a group than we do as individuals. The Tenaya team feels very fortunate to have the trust of our existing LPs, and we welcome our newest LPs to the family."

ABOUT TENAYA CAPITAL

Tenaya Capital is a leading venture capital firm with over $1 billion under management. The firm invests in high-growth technology companies in the enterprise software, consumer Internet, IT infrastructure, communications and electronics sectors. Founded as Lehman Brothers Venture Partners, Tenaya Capital became an independent company in 2009. The firm has offices in Woodside, California, and Wellesley, Massachusetts. For more information, visit www.tenayacapital.com.
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