The San Francisco-based firm is led by Mark Sugarman, a longtime angel investor who previously held roles at Nutrisystem, VerticalNet and Internet Capital Group. It raised around $34 million for its first institutional fund, which had a gross asset value of nearly $128 million through March 31 (according to a regulatory filing).

MHS portfolio companies include OPower, Indiegogo, Simply Measured and Platfora.

Sugarman declined to comment.