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Norwest Venture Partners closes new $1.2 bln fund
November 18, 2009 / 5:38 PM / 8 years ago

Norwest Venture Partners closes new $1.2 bln fund

* Largest ever fund for Silicon Valley firm

* Brings total managed capital to $3.7 bln

SAN FRANCISCO, Nov 18 (Reuters) - 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)

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