Summary:

BlueRun Ventures, which invests heavily in digital media among other tech industries, has raised $240 million for its fourth fund — $60 mil…

BlueRun Ventures, which invests heavily in digital media among other tech industries, has raised $240 million for its fourth fund — $60 million short of its $300 million goal, according to VentureBeat. In conjunction with the fundraising challenges, BlueRun said it had closed its Israel office, primarily due to the fact that it was too small of a market. In return, the firm said it would focus more on China and India where greater opportunities exist, and will likely hire more employees to focus on those countries.

The fact that the company did not reach its goal shouldn’t be too alarming. As we noted earlier in the week venture funding for internet companies plummeted 31 percent in the first quarter 2009 so it follows that demand for investments in venture funds by limited partners (usually endowments and pension funds) felt a similar impact.

BlueRun Ventures has been active in the digital media space for years, investing in PayPal and currently holding stakes in Slide, Zivity, and Vollee.

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