The San Francisco-based firm is about to hold a first close just south of $70 million, and already is oversubscribed on its $75 million target. A final close will occur once it figures out remaining allocations.

Data Collective raised its $6 million first fund earlier this year, almost as a proof of concept. Not just the target sector, but also its unusual strategy of leveraging a group of “equity partners” — mostly senior executives at operating companies who are expected to work a handful of hours each month (sourcing, etc.) in exchange for carry.

So far, I’m told that the debut fund already has returned 85% of investment to its limited partners (including some cash in escrow), with around 40 remaining portfolio companies. The internal rate of return is north of 120%.

Data Collective is managed by veteran venture capitalist Matt Ocko (VantagePoint, Softbank Technology Ventures, Sevin Rosen) and Zack Brogue, a former corporate attorney and angel investor who also happens to be married to Yahoo (YHOO) CEO Marissa Mayer.

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