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Accel and Sequoia vets raise new VC fund

Jul 03, 2013
Wagner & Garg

FORTUNE -- Veteran venture capitalists Peter Wagner and Gaurav Garg have raised $111 million for a new fund called Wing Venture Partners, according to a regulatory filing.

Fortune first reported in April that the pair had teamed up, with plans to raise between $50 million and $100 million for an early-stage technology fund based in Menlo Park. Seems the fund was well oversubscribed, with some prospective investors unable to get any allocation at all.

Wagner had spent more than 14 years with Accel Partners, where his deals included Arrowpoint Communications (acquired by Cisco for $5.7 billion), Fusion-io (fio) and Infinera Corp. (infn). Garg previously was a partner for 11 years with Sequoia Capital, focused on semiconductor and systems deals like Aruba Networks (arun), Ruckus Wireless (rkus), MobileIron and Jawbone.

Wagner and Garg both also worked on Redback Networks, where Garg was a co-founder and Wagner an investor (via Accel), and have done a series of angel deals together since each leaving their respective firms.

I've reached out to Wagner and Garg and will update this post if they respond.

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