August Capital just closed on a new $650 million venture fund, bringing its total capital under management to just under $2 billion. It is the 14-year-old firm’s fifth fund. The VC firm will continue to invest in early-stage startups, but will also look for opportunities on the other end of the growth spectrum, including spinoffs, buyouts, and PIPEs.

Raising that much money in this market is no mean feat. Now they have to prove they can put it to good use.

The partners at August Capital are Dave Marquardt, John Johnston, Andy Rappaport, Vivek Mehra, Howard Hartenbaum, and David Hornik. Some of their more recent investments include Aardvark, Jaxtr, VideoEgg, Technorati, and Six Apart. The jury is still out on all of those. (Jaxtr lost its CEO last October after going through layoffs, and Technorati is trying to redefine itself). But in the more distant past August Capital’s partners have invested in Microsoft, Intuit, Symantec, Sun, Compaq, Seagate, Adaptec, Grand Junction, Postini, Skype, Evite, Shopping.com, and Rhapsody.