Norwest Venture Partners closes $1.2 billion fund

SAN FRANCISCO Tue May 13, 2014 7:00am EDT

SAN FRANCISCO May 13 (Reuters) - Multi-stage venture investing firm Norwest Venture Partners said on Tuesday it had closed a $1.2 billion fund, the firm's 12th.

The newest fund brings the Palo Alto, California-based group's total capital raised to $5 billion, Norwest said. The firm's last fund, the $1.2 billion Norwest Venture Partners XI, closed in late 2009.

Several Norwest companies held initial public offerings last year, including online-security business FireEye and digital-coupon company RetailMeNot. Its current portfolio companies include online retailer Gilt Group and online lender Lending Club.

Other venture groups to raise large funds in recent months include Andreessen Horowitz, which raised $1.5 billion, and Technology Crossover Ventures, which raised $2.23 billion, both in March. (Reporting by Sarah McBride; Editing by Paul Simao)

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