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New Mexico backs Sierra Ventures latest fund with $10m

24 Apr 2013

dollar4_sqNew Mexico’s State Investment Council (SIC) has invested $10m in Sierra Ventures’ tenth fund, which is targeting $150m.

The Sierra Ventures X fund will invest in up to 20 early stage technology companies operating in the mobile, social media, cloud computing and energy efficiency sectors.

SIC said that the firm’s managing directors essentially produced the “top individual performances” in the three previous funds.

The board said in a statement, “On a stand – alone basis, the returns associated with the deals coordinated by the three MDs would place them well into the top quartile performance for all venture capital funds.

“The introduction of a top-tier venture capital firm such as Sierra Ventures in to New Mexico has the potential to significantly benefit the entire New Mexico venture capital ecosystem.”

Sierra, which is based in Menlo Park, made its first investment in the state in 2007 by leading a Series B round for Albuquerque-based chemistry company MIOX. It has since been active in the state and shown significant interest in other investment opportunities in technology.

According to the latest filing with the US Securities and Exchange Commission, the fund had raised just over $112m from 21 LPs in December.

The size of the new fund is significantly below the firm’s previous vehicle, which closed on $400m in 2006.

The firm has invested more than $1.5bn since its launch in 1982.

Sierra has recently backed an oversubscribed $24m Series D round in digital storage company Nexenta Systems.

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