Institutional Venture Partners has closed Institutional Venture Partners XIII, a USD750m later-stage venture capital and growth equity fund.
The fund will continue IVP’s strategy of investing in rapidly-growing technology and digital media companies throughout the US.
IVP XIII is the largest fund raised in IVP’s 30 year history. It brings the firm’s cumulative committed capital to USD3bn.
IVP XIII is the successor to IVP XII, an oversubscribed USD600m fund which closed in 2007.
“Our later-stage investment practice is working well,” says Todd Chaffee, general partner of IVP. “We appreciate the on-going support of our limited partners, and the exceptional investor demand for this fund is a tribute to our team and investment results.”
With IVP XIII, the firm will invest in three target sectors: internet and digital media, communications and wireless, and enterprise IT. Typical investments will range in size from USD10m to USD50m.
“In addition, the firm intends to continue its strategy of acting as the lead investor in venture capital financings above USD100m, often to finance growth, roll-ups, acquisitions and corporate divestitures,” says Steve Harrick, general partner of IVP.
Limited partners in IVP XIII came from around the globe and include foundations, university endowments, financial institutions, public pension funds, private equity fund of funds and private wealth offices.
