The primary investor of 3Par, Menlo Ventures, is looking to raise $600 – $800 million for a new fund that would surpass Battery Ventures‘ and Institutional Venture Partners‘  $750 million funds raised this year, according to a report by Bloomberg News.

Menlo owns 9.37 million shares  of the highly sought-after cloud storage provider 3Par — or 15 percent of the company. Those shares are now valued at $33 each after 3Par accepted a $2.4 billion buyout offer from Hewlett-Packard, according to the report. That would make Menlo’s share of the company around $309 million.

3Par entered the spotlight when it was the subject of a bidding war between HP and Dell. Both companies were looking to pay top dollar to acquire the cloud storage provider — with 3Par finally accepting a $2.4 billion bid from HP over Dell’s $2 billion bid.

Menlo Ventures manages more than $4 billion in funding. The last capital fund the company raised was valued at $1.2 billion in 2005, according to Bloomberg.

3Par has raised over $183 million since its founding in 1999, with backing by Integral Capital Partners, Alliance Bernstein, Open Field Capital, Mayfield Fund, Worldview Technology Partners, Menlo Ventures, and Van Wagoner Capital Management. It went public in 2007, even though it was losing money at the time.

The fundraising effort comes at a time of weak showings for the IPO market. The amount of money raised by venture capital funds declined by about half — to $1.9 billion — in the second quarter of 2010 compared to the first quarter.