Accel Partners veteran Peter Wagner and former Sequoia Partners partner Gaurav Garg have raised $111 million to invest in early-stage enterprise companies.
They have been making investments using their own capital since 2011, and have accumulated a portfolio of 18 companies. Among them are CloudPhysics, Instart Logic, Platfora and Shape Security, FireEye, MobileIron and Nimble Storage. "With the experience that we gained from doing that, we decided the time was right to bring a third party to the table," Wagner said.
Or several: "Leading universities and foundations" have contributed to the pool, in addition to its founders, the young firm says.
In general, cloud computing, mobile technology and data-focused firms are of interest; networking startup Cumulus Networks was the first company in the Silicon Valley firm's portfolio.
"Our mission is to put together a concentrated portfolio of truly meaningful companies," Garg said in a statement, "and we have already started investing in those we believe are poised to dominate the new IT paradigm."
Fortune's Dan Primack first hinted at the effort back in April; Hessendahl says the company "is close to announcing" its first investments.
We'll be waiting to hear more.