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Michael Marks raising VC fund with Lip-Bu Tan

Lip-Bu Tan and Michael Marks

FORTUNE — Michael Marks and Lip-Bu Tan have known each other for years, beginning back when Marks was CEO of Flextronics (FLEX) and Tan was on the chip-maker’s board of directors. Now they’re raising a tech-focused venture capital fund together.

It’s called Walden Riverwood Ventures, and is targeting upwards of $250 million.

The “Walden” is related to Walden International, the cross-border VC firm Tan ran fulltime until becoming CEO of Cadence Design Systems (CDNS) in 2009. The “Riverwood” is a growth equity firm Marks launched in 2007, after nearly two years as a senior advisor to Kohlberg Kravis Roberts & Co. (KKR).

The two firms previously co-invested on three deals: Ambarella, Aptina Imaging and GoPro.

It is expected that the existing Walden International and Riverwood Capital teams will work on the new fund, although the two firms will remain separate.

Walden International last raised a new fund two years ago, when it closed on a small vehicle focused exclusively on semiconductor companies in China. Riverwood is currently investing out of a $780 million fund, and is in market with a follow-up.

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