Venture capital heavyweight Institutional Venture Partners (IVP) has 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.
The vehicle was significantly oversubscribed, the firm said in a statement released today, with IVP’s existing limited partners taking the vast majority of the fund.
IVP partners with entrepreneurs to finance rapidly-growing media and technology businesses that are addressing large market opportunities.
With IVP XIV, the firm will continue to invest in its three target sectors: Internet and digital media, enterprise IT, and mobile & communications.
Since its inception in 1980, IVP has invested in over 300 companies, 90 of which have gone public.
Investments include ArcSight, Buddy Media, ComScore, Dropbox, HomeAway, Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL, Netflix, Shazam, Twitter, and Zynga.
With the new fund, IVP plans to invest $10m to $100m in ten to 12 companies a year.
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