By Dan Primack
September 25, 2012

FORTUNE — Formation8, a new venture capital firm whose partners include Palantir Technologies co-founder Joe Lonsdale, is nearing a final close on its $500 million debut fund, Fortune has learned.

A source familiar with the situation says that Formation8 held a $200 million first close earlier this year, and has since secured another $100 million in verbal commitments. The Palo Alto, Calif.-based firm also believes it will be oversubscribed on the $500 million cap within the next few months, based on conversations with other prospective limited partners.

Formation8 plans to invest in early-stage information technology and energy technology companies. Early examples include ContextLogic, a platform for online advertising and content discovery, and Revinate, an SaaS platform that lets hotels and restaurants monitor social media and other digital sources for feedback.

In addition to Lonsdale, Formation8’s other managing directors are Brian Koo (ex-Harbor Pacific Capital) and Jim Kim (ex-CMEA Ventures). Additional partners include CMEA Ventures founder Tom Baruch and BioDiscovery co-founder James Zhang, while former Facebook (FB) CFO Gideon Yu is listed as a special advisor.

Lonsdale declined to comment, citing SEC restrictions.

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