Veteran venture capital firm Mayfield Fund has closed its fourteenth investment vehicle on $365m despite having enough interest to go bigger, its managing director has said.
Navin Chaddha, who will lead the Mayfield XIV investment team, said keeping the fund below the $400m-mark was a conscious decision based on the firm’s previous investment experience with a fund of that size.
He said, “Mayfield XIV is our third consecutive sub-$400m fund.
“Despite being oversubscribed, we felt that keeping it to $365 million made sense for our early-stage investing focus.
“We value the support of our limited partners who appreciated our consistent investment strategy, top-quartile performance, built-for-the-future team, theme-based investing approach, and 43-year history of investing in relationships.”
Last month venture capital heavyweight Institutional Venture Partners closed its fourteenth fund on $1bn, marking the largest investment vehicle raised in the firm’s 32-year history and bringing its cumulative committed capital to $4bn.
That close came several weeks after influential Silicon Valley venture firm Sequoia Capital announced it was raising $1bn across several new funds, including a specialist China vehicle.
The firm, which was an early backer of online giants Yahoo and Google, hopes to increase its attention on China with at least one specialist venture fund.
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