Palo Alto-based Norwest Venture Partners announced its third consecutive $1.2 billion fund today, on the heels of what the firm says was a record year-and-a-half.
Norwest Venture Partners XIII brings the firm s total capital and commitments to more than $6 billion, according to a news release. The firm, which opened an office in San Francisco s SoMa district in 2014, invests in the technology, business and financial services, consumer and healthcare sectors.
The new fund reflects a diversification strategy that focuses on later-stage companies, according to the Wall Street Journal. Senior Managing Partner Promod Haque told the Journal later-stage companies could potentially go public or get acquired sooner, providing faster returns for investors. That s especially important in today s economy, as it s taking longer for companies to go public.
Norwest s prior fund, Norwest Venture Partners XII, closed in 2014 at $1.2 billion.
The firm was an early-stage investor in network security company FireEye, which raised $303.6 million in its 2013 IPO. The firm also backed online lending startup Lending Club, which was valued at almost $9 billion following its 2014 IPO, and became one of the most valuable financial institutions in the county.
Norwest has a long track record of working with the most innovative companies across geographies, sectors and stages, and our new fund helps us continue this tradition, Haque wrote in a news release. As a firm, entrepreneurs have relied on our team for decades not only as business partners, but for expertise across every part of their business. With the new fund we ll be able to reach even more entrepreneurs and help them on their paths to building great companies that last.
Photo: Norwest Managing Partner Jeff Crowe, Senior Managing Partner Promod Haque and Managing Partner Matt Howard. (Courtesy of Norwest Venture Partners)
The post Norwest Venture Partners closes $1.2 billion fund appeared first on SiliconBeat.
