Foundation Capital, a Silicon Valley venture firm focused on IT and cleatech investments, is looking to raise around $500 million for its seventh fund, Fortune has learned.

This is significantly smaller than the $750 million it raised for its sixth fund in early 2008, which perhaps is why the partnership itself may be a bit smaller. Sources say that longtime Foundation general partners Paul Koontz and Rich Redelfs will transition into venture partner roles (or something similar) once the new fund begins investing.

Koontz joined Foundation in 1996 from Netscape, and currently serves on the boards of Financial Engines (FNGN), Envestnet (ENV), Yaolan Media and eBates. Redelfs joined in 2004 after having served as CEO of Atheros Communications, and currently sits on the boards of  ACCO Semiconductor, Dust Networks and Transphorm.

Adam Grosser, a general partner when Foundation raised its last fund, left in late 2010 to join Silver Lake Partners.

Foundation Capital did not respond to requests for comment.

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