* Largest ever fund for Silicon Valley firm
* Brings total managed capital to $3.7 bln
SAN FRANCISCO Nov 18 Technology-focused
venture capital firm Norwest Venture Partners said it had
formed a new $1.2 billion fund to invest globally in private
companies across a range of sectors.
The new fund is the largest ever for NVP, an affiliate of
Wells Fargo & Co (WFC.N) headquartered in Palo Alto,
California, the heart of Silicon Valley.
NVP's previous fund totaled $650 million and closed in
2006. The firm manages a total of more than $3.7 billion.
Recent exits and transactions for NVP-backed firms include
the August 2008 initial public offering of Rackspace Hosting
Inc RAX.N, one of the few new technology issues of last year,
and LifeSize Communications, which Logitech LOGN.VX acquired
earlier this month for $405 million.
"We believe now is a great time to invest, and we are
seeing significant opportunities amidst a challenging economic
environment -- particularly in growth equity and in emerging
markets such as India and China," Promod Haque, NVP's managing
partner, said in a statement late on Tuesday.
(Reporting by Gabriel Madway; Editing by Lisa Von Ahn)