SAN FRANCISCO, Nov 5 (Reuters) - 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 November 2005.
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)