Tenaya Capital Closes ?Oversubscribed? $372M Fund, Seeks A New Kayak

Tenaya Capital, the venture fund spun out of Lehman Brothers in 2009 with a history of backing companies like Kayak, Palo Alto Networks and Zappos, has just closed its latest fund totalling $372 million -- in its words, oversubscribed against an initial target of $300 million. Tenaya Capital VI is the company's first fundraise independent of Lehman's, with the two previous funds raised by the VCs for $300 million and $365 million. Tenaya says the fund will be used to make investments in tech companies across a broad range of areas -- from enterprise to consumer internet, as well as electronics and more -- in their initial stages of revenue growth. The average size of initial investments will be between $5 million and $10 million. With the company potentially also making earlier or later stage investment in portfolio companies, the total amount invested in the lifetime of a company will be around $10 million to $15 million, it says.

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