Globespan Capital Partners raies fifth fund, at $380M

Globespan Capital Partners, a Palo Alto, Calif. venture capital firm, has raised $380 million for its fifth fund, and plans to invest a portion of it into Japanese technology companies, according to VentureWire (subscription required).

It is the first fund raised without investment from Jafco, the Japanese investment firm from which Globespun was originally a spin-out, according to Barry Schiffman, a co-founder of Globespan.

Globespan Capital Partners' most recent fund, its fourth, raised in 2002, has a net internal rate of return of negative 5.2 percent as of Dec. 31, according data published by another Globespan investor, the University of California.

However, it has since had results from companies like BladeLogic, Clearwire Corp., Glu Mobile Inc., ShoreTel Inc. and Virtusa Corp., which have been sold or gone public.