Cendana has raised a $30 million ‘fund of funds’ for VCs managing $15 million or less Cendana Capital, a San Francisco-based fund of funds manager, has amassed stakes in more than 100 venture firms since launching in 2010. For the most part, it did this by focusing on managers who are raising funds of $100 million or less in capital, even foregoing stakes in beloved outfits like Forerunner Ventures and IA Ventures as their assets under management ballooned well beyond that amount. Yet as the market changed, Cendana founder Michael Kim began to play with that formula. Last spring, for example, when he closed on $278 million in new capital commitments, he said he planned to invest in the seed-stage managers he has always backed, but that he planned to funnel a small amount of capital to pre-seed managers raising $50 million or less, as well as to invest in a sprinkling of international managers.