The effort’s working name is Alpha Venturi, and word is that the pair is seeking to raise between $50 million and $100 million.

Wagner spent nearly 15 years with Accel Partners, backing such companies as Arrowpoint Communications (acquired by Cisco for $5.7 billion), Fusion-io (FIO) and Infinera Corp. (INFN). Since leaving in 2011 he has backed numerous startups as an individual investor, including FireEye, Mobile Iron, Shape Security and Talaria (acquired by Google).

Many of those angel deals have been done alongside Garg, who spent 11 years as a Sequoia Capital partner focused on semiconductor and systems investments. The two originally worked together on Redback Networks, where Garg was a co-founder and Wagner an investor (via Accel).

It’s unclear when the pair officially chose to raise a fund together, with Garg telling me last year that he had “adopted the loose confederation model prevalent in the angel community.” But multiple sources say that the pair has been meeting with various gatekeepers and limited partners lately, and that the response has been positive.

Neither Wagner nor Garg responded to a more recent request for comment.