Bevy of strong exits leads Norwest Venture Partners to $1.2bn fund close


closed locked shut box safe securityNorwest Ventures Partners has held a $1.2bn final close for its latest fund after scoring a string of successful exits in the past 18 months.

The close of Norwest Venture Partners XII brings the firm’s total capital and commitments to about $5bn, and follows what it described as a record year in 2013.

A total of 11 NVP portfolio companies experienced “liquidity events” last year, resulting in a combined market value of more than $10bn.

The firm’s predecessor vehicle, NVP XI, also raised $1.2bn and began investing in 2010.

Senior managing partner Promod Haque said, “A key strategy for success at NVP is investment diversification.

“We invest across multiple sectors, stages and geographies, all with a team approach that enables our portfolio companies to tap into the breadth and depth of our expertise.

“The closing of NVP XII will enable us to expand our focus in the enterprise IT, consumer Internet, healthcare, consumer products and services sectors and grow our presence in thriving entrepreneurial hubs.

“We look forward to working closely with passionate and talented entrepreneurs to build the next wave of successful companies.”

NVP’s 2013 exits included FireEye, which celebrated one of the most successful IPOs of the year, and the public listing of RetailMeNot.

Other exits last year included the acquisition of global managed and cloud-based network services company Virtela by NTT Communications for $525m, the sale of fraud detection leader 41st Parameter to Experian for $324m and the acquisition of storage management software company ScaleIO by EMC.

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