SAN FRANCISCO Nov 5 Private equity firm
Technology Crossover Ventures said on Monday it had raised $3
billion in a new fund it believes to be the largest
technology-focused venture fund to close so far this year.
The new fund, known as TCV VII, is more than double the
size of TCV VI, its previous $1.4 billion fund raised in
Among TCV's better-known recent investments are video
rental site Netflix Inc (NFLX.O) and real estate site Zillow.
TCV VII brings the 12-year-old Palo Alto, California-based
firm's total capital under management to $7.7 billion.
The firm plans to invest the new fund in later-stage
technology companies focused in five sectors: Internet,
financial technology, infrastructure and communications,
software and services, and health care information technology.
Investors in TCV VII include public and private pension
funds from North America, Europe and Asia, university
endowments, financial institutions and hi-tech entrepreneurs.
(Reporting by Eric Auchard; Editing by Braden Reddall)