CAA raising $150M to $200M venture fund with DFJ, for entertainment investing

December 6, 2007 | Matt Marshall

Creative Arts Agency, the large talent agency in Hollywood, is raising a $150 million-$200 million venture capital fund to invest in startups in the digital/entertainment sector, according to PaidContent.

PaidContent said Silicon Valley firm Draper Fisher Jurvetson is working with the CAA to help manage the fund. Tim Draper, a lead partner at DFJ, did not deny the report, but told VentureBeat he couldn’t say anything at this time because of regulations that govern the fund-raising process (fund managers are not supposed to make public solicitations).

The report also said Brian Garrett and Rick Smith, former partners at Palomar Ventures, and Brett Brewer, former president of Intermix, are working with Michael Yanover, head of business development at CAA on the project. The money for the fund is coming from traditional LPs.

The report said that rival agency ICM has also been working on raising a fund, and has been in contact with Paul Jacobs, CEO of Qualcomm about the project.

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About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.