General Catalyst holds $365m interim close

Early-stage venture group General Catalyst Partners has closed on $365 million (€310 million) for its latest fund, General Catalyst Group IV. According to SEC documents, the firm is aiming to reach the $375 million mark for the vehicle, which is the follow up to its 2003-vintage, $300 million third fund.

David Fialkow, co-founder and managing director, General Catalyst Partners

General Catalyst is a tech-focused venture group that has historically dedicated itself to investments in the enterprise software, connectivity platform, infrastructure and applied technology sub-sectors. The firm often makes early-stage bets, although has been known to look at late-stage businesses as well, and will also pursue the occasional buyout.

Past investments range from Brightcove, a startup designed to bring television shows to the Internet, to Mforma Group, a content distributor in the wireless entertainment industry. General Catalyst was also part of the investor group that acquired BBN Technologies from Verizon Communications. BBN is best known as the company responsible for the “@” sign used in email addresses and was also behind the implementation and operation of the ARPANET, the predecessor to today’s Internet.

According to SEC documents, the new fund has so far lined up 63 investors, nine of which came from outside the US. The firm did not mention a placement agent in the filing and no limited partners were identified.

General Catalyst was founded in 2000 by Joel Cutler, David Fialkow and John Simon. The background of the co-founders was largely entrepreneurial, although Simon had served in various positions at Charles River Ventures and Highland Capital Partners, while Fialkow had spent time as an associate at Thomas H. Lee Partners.

The firm started with a $75 million fund in 2000, and was able to corral $225 million for its second investment vehicle soon after. Alongside the second fund, the firm brought David Orfao on board as a managing director. General Catalyst’s third fund was officially closed last year, amassing $300 million, and the firm recruited Lawrence Bohn to serve as a managing director around that time as well.

Calls to General Catalyst’s spokeswoman were not returned by press time.