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Norwest Venture Partners closes USD1.2bn fund

Norwest Venture Partners, a venture and growth equity investment firm, has formed its most recent fund, Norwest Venture Partners XI.

The USD1.2bn fund will target early to late stage venture and growth equity investments across a wide range of sectors and geographies.

The addition of this new fund, the largest fund the firm has closed to date, brings NVP’s total capital and commitments to more than USD3.7bn.

NVP XI follows the USD650m NVP X fund, which closed in 2006.

The firm has funded over 450 companies since inception. It focuses on information technology, business services, financial services, infrastructure, technology enabled services and consumer.

“The closing of NVP XI will enable us to further expand our growth by stage, region and sector. NVP is a global, multi-stage firm dedicated to both domestic and international investments, and we believe that raising one global fund is a distinct advantage for our portfolio companies,” says Promod Haque (pictured), managing partner, NVP. “NVP partners are committed to each investment in the portfolio, regardless of the location or stage, and they all have a vested interest in making each NVP company successful. This philosophy is extended to the firm’s global offices, and we plan to continue this philosophy as we invest out of NVP XI.”

Since the closing of the last NVP fund, the firm added three investment professionals to its US venture team and began bolstering its domestic growth equity practice. NVP hired three US growth equity investment professionals this past year and continues to expand aggressively in this area.

Globally, NVP India hired five investment professionals to focus on venture and growth equity investments and opened offices in Mumbai and Bangalore. In Israel, NVP brought on two investment professionals and opened an office in Herzelia.

Recent NVP exits and transactions include the initial public offering of Rackspace, one of the few technology IPOs in 2008 with a market capitalisation today of USD2.3bn, and LifeSize Communications, which was recently acquired by Logitech. Other notable exits over the past few years include Qumranet (acquired by Red Hat), Yipes (acquired by Reliance/Flag Telecom), Open-Silicon (acquired by Unicorn Investment Bank) and SideStep (acquired by Kayak).

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