Creative Arts Agency, the large talent agency in Hollywood, is raising a $150 million-$200 million venture capital fund to invest in startups in the digital/entertainment sector, according to PaidContent.
PaidContent said Silicon Valley firm Draper Fisher Jurvetson is working with the CAA to help manage the fund. Tim Draper, a lead partner at DFJ, did not deny the report, but told VentureBeat he couldn't say anything at this time because of regulations that govern the fund-raising process (fund managers are not supposed to make public solicitations).
The report also said Brian Garrett and Rick Smith, former partners at Palomar Ventures, and Brett Brewer, former president of Intermix, are working with Michael Yanover, head of business development at CAA on the project. The money for the fund is coming from traditional LPs.
The report said that rival agency ICM has also been working on raising a fund, and has been in contact with Paul Jacobs, CEO of Qualcomm about the project.