Inventus Capital Partners, a Silicon Valley based venture firm started by well-known Indian entrepreneur Kanwal Rekhi, has raised $44.2 million for a first fund targeted to eventually total between $125 million and $150 million.

It initially aimed for $150 million to $175 million, but prospective limited partners thought that was too much for a first-time fund looking to make initial investments of $2 million, Managing Director Kanwal Rekhi told VentureWire (subscription required).

Inventus Capital Partners Fund I LP is aimed at technology start-ups based in India or in the U.S. with operations in India.