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Exclusive: TiVo backer Redpoint raising $400 million fund

By Sarah McBride

SAN FRANCISCO (Reuters) - Redpoint Ventures, the venture-capital firm behind digital-video recording company TiVo and vacation-rental company HomeAway, is raising a $400 million fund, according to a person familiar with the matter.

The fund comes a year after Redpoint closed on a $400 million growth fund and almost three years after it closed on Redpoint IV.

Currently in venture capital, a gap is widening between top-tier funds that find it easy to raise money and less established funds, which are struggling.

Last quarter, 53 venture-capital funds raised a total of $4.98 billion, according to the National Venture Capital Association, with the top five funds accounting for more than half of total fundraising.

A recent report from the Kauffman Foundation, an organization that studies and promotes entrepreneurship, said that of the funds in its own investment portfolio that raised more than $500 million, none returned more than twice its invested capital after fees.

Still, a handful of firms continue to focus on outsized funds. Earlier this year, Andreessen Horowitz raised $1.5 billion, its largest fund to date. New Enterprise Associates raised a $2.59 billion fund.

Redpoint is known for early-stage technology investing.

(Reporting By Sarah McBride; editing by John Wallace)

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