initdb failed

Upon installing and configuring PostgreSQL completely fine - no errors, I go
to run initdb... and:

gnuworld(at)userservice:/usr/local/pgsql/bin$ ./initdb -D /usr/local/pgsql/data
The files belonging to this database system will be owned by user
"gnuworld".
This user must also own the server process.

Fixing permissions on existing directory /usr/local/pgsql/data... ok
creating directory /usr/local/pgsql/data/base... ok
creating directory /usr/local/pgsql/data/global... ok
creating directory /usr/local/pgsql/data/pg_xlog... ok
creating directory /usr/local/pgsql/data/pg_clog... ok
creating template1 database in /usr/local/pgsql/data/base/1...
IpcSemaphoreCreate: semget(key=1, num=17, 03600) failed: Function not
implemented

initdb failed.
gnuworld(at)userservice:/usr/local/pgsql/bin$

Why is this occurring, how can it be fixed? tcl8.3, PostgreSQL 7.2,
FreeBSD-4.5, gmake-3.79.1

Please reply to empus(at)userservice(dot)org, as I am not subscribed to this list.

Kind Regards,

- Mike
Empus(at)IRC