500 Startups has raised $49.6 million toward a fourth fund, according to a filing with the SEC.

The filing also shows the target of 500 Startups IV has been lowered to $150 million. An initial filing for the fund in September 2015 placed the goal at $200 million.

The firm’s third fund from 2014 was $85 million.

Fourteen LPs have participated in the new fund so far.