If the venture capital market for technology is a burst bubble, no one told the folks at

Van Wagoner Funds

and

Scudder Weisel Capital

. The two firms have just introduced aggressive interval funds that will invest heavily in pre-IPO technology ventures.

The two firms are looking at raising $650 million from high-net-worth and institutional investors. Van Wagoner expects to raise $150 million for its

Van Wagoner Private Opportunities

fund, while Scudder Weisel is looking at $500 million for the

Scudder Weisel Capital Entrepreneurs

fund.

Capital Entrepreneurs, which became available today, will invest up to 60% of its assets in privately held technology, health care and financial-services companies with

market capitalizations of $10 billion or less, according to an

Securities and Exchange Commission

filing. Limited to investors with a net worth of $1.5 million or more, the fund's initial minimum investment is $25,000, with additional investments of $1,000.

Scudder Weisel Capital Entrepreneurs, available through brokers, carries a 4.75%

front-end load on Class A shares. As an interval fund -- meaning only a certain amount of shares can be bought or sold within a given interval -- redemptions will be limited to 5% of outstanding shares quarterly, beginning Aug. 1.

Although the Van Wagoner Private Opportunities fund lowers the bar for investors' net worth, requiring only $1 million, its minimum $250,000 investment is considerably pricier than Scudder Weisel's new fund.

The Van Wagoner Private Opportunities fund, which will be available beginning Thursday through an initial offering, will invest at least 60% of its assets in pre-

IPO technology companies. It will allow investors to redeem up to 10% of their shares at intervals to be determined by the board, according to an SEC filing. Should the board permit redemptions greater than 10%, these additional monies will be subject to a 1% administrative fee on top of the fund's annual 2% management fee. Van Wagoner expects to close the initial offering on and begin investing this fund March 31.