(Update: IAC’s venture arm will be called Primal Ventures)

iac.jpgIAC, the New York media conglomerate run by Darry Diller, and owner of Match.com, Ticketmaster and Evite.com, is opening up a venture capital investment arm in San Francisco.

It will be run by Match.com’s chief executive Jim Safka, according to the Mercury News. Safka will focus investments on companies in the wireless, video, recruitment and consumer health areas — all fairly predictable areas, given that they are hot. Indeed, we should point out that corporate venture activities such as this tend to be momentum driven: They are last to enter venture capital game (IAC has never invested alongside other venture firms) and first to leave when things get rough. Who knows whether IAC will break the mold, but the Merc points out reasons why start-ups may want to take caution before playing with a giant that can be controlling and aggressive. More skepticism here.