Sierra Ventures, a Silicon Valley venture capital fund, has finished raising its ninth venture capital fund, which totals $400 million, VentureWire reports today (sub required).

It is another case of a venture fund that has seen negative results so far on its previous fund (raised in 2000, and invested thereafter), but which investors were willing to forgive because of the tough investing conditions at the time.

According to VentureWire:

Sierra Managing Director Peter Wendell said the “vast majority” of Fund IX’s capital came from existing investors, which include University of Chicago, Duke Management Co., Los Angeles County Employees’ Retirement Association, Montana Board of Investments, Stanford Management Co. and Yale University.

Sierra raised $500 million for its eighth fund in 2000. That vehicle has just about broken even, according to the California Public Employees’ Retirement System, posting a negative 0.5 internal rate of return.