2 Irvine Tech-Industry Lawyers to Launch Venture Capital Fund

Two lawyers who helped put Orange County’s technology industry on the map, aiding the rise of companies such as Broadcom Corp. to national prominence, are leaving their firm, effective Jan. 1, to start a venture capital fund.

Bruce Hallett and Richard Fink--behind-the-scenes deal makers at Brobeck, Phleger & Harrison’s Irvine office--said they hope to manage about $150 million in assets. They said Broadcom co-founder Henry Samueli will be one of their prime backers.

“We will focus on growth-stage tech companies that are based in Southern California,” Hallett said. “That’s where we see the gap in the market.”

Many venture funds raise money from institutional investors, but Hallett and Fink said they will rely on a circle of limited partners, including Samueli, all of whom are executives at tech companies. They would not say how much Samueli will invest or who the other limited partners will be. Samueli could not be reached for comment.

Hallett said the venture firm will be based in Corona del Mar and have offices in San Diego as well. Hallett, 44, and Fink, 45, will be managing partners. The company eventually will have seven to 10 employees.

“We’re just starting, but we hope to have our first close [of fund-raising] at $100 million early next year,” Hallett said. A $150-million venture fund, he acknowledged, is not big, but it is “a good medium-size fund for Southern California.”

Brobeck, led by Hallett and Fink, has played a pivotal role in nurturing Broadcom, Buy.com Inc., PairGain Technologies Inc. and dozens of other tech firms from fledglings into public companies.