SAN FRANCISCO May 13 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
(Reporting by Sarah McBride; Editing by Paul Simao)