The corporate-backed venture firm has already achieved two exits, from Oculus VR and RelateIQ, out of its $448m first fund.

Formation 8, the venture capital firm backed by limited partners including conglomerate LS Group, has set a $500m target for its second fund, according to an SEC filing today.

Formation 8 was formed in 2011 and its founding partners include Joe Lonsdale, the co-founder of big data company Palantir, and Jim Kim, who was a general partner at Khosla Ventures, which he joined from conglomerate GE.

The firm closed its first fund at $448m in April 2013, and its limited partners include LS, which is run by the family of another co-founder, Brian Koo, Korea Telecom, and conglomerate CJ Group. 

There are currently 23 companies in Formation 8’s portfolio, the newest of which is BuildZoom, an online marketplace for construction and home remodelling services.

The firm has also made two exits of note over the past year, after Facebook acquired virtual reality headset maker Oculus VR for $2bn in March and Salesforce.com bought relationship intelligence platform RelateIQ for $390m in July.