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. 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. Tom Banahan, the MD of Tenaya, tells me that the aim is to keep the range diverse.?The average size of initial investments, typically made as a B- or C-round, will be between $5 million and $10 million. Tenaya may potentially also make earlier or later stage investment in portfolio companies, so the total amount invested in the lifetime of a company will be around $10 million to $15 million, it says.

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