They probably just used Java as a buzzword to pull in more institutional investors who read about the language and were ready to put up money based on it.
A firm like KP wouldn't have had any trouble raising money. I think they genuinely believed the hype about Java, and they were hoping that if they became the official Java fund (I think they were anointed by Sun) they'd get first crack at all the related deal flow. And that is probably what's motivating them here too.
I guess perspective is everything. I was an EE undergrad during the first bubble era, with little programming experience. I remember everybody talking about Java during the time, magazine articles, etc. Looking back, I can see how they thought that way; not being an active programmer can cause one to develop bad taste.
