Pelion Ventures Commitments Rise To $102.1M

Salt Lake City, Utah-based Pelion Ventures just reported with the SEC this week that it has raised $102.1M in funding for its fifth fund, Pelion Ventures V. The venture capital firm, headed by James Dreyfous, Carl Ledbetter, and Blake Modersitzki, has been in the midst of fundraising for the fund since last year. The fund has a target size of $127M. According to the filing, it now has 54 limited partners participating in the fund. Pelion Ventures--formerly known as UV Partners--is one of the few funds in the region to have success in recent fundraising, in an environment where limited partners have been much less likely to invest in non-Silicon Valley venture capital firms.