Norwest Venture Partners has closed its 12th fund at $1.2 billion, which is the same size as its last fund that was raised in late 2009. The new fund is called Norwest Venture Partners XII LP.
Norwest is one of the few venture capital firms that has raised funds at over $1 billion. Other venture capital firms that have been able to raise over $1 billion for a fund include Technology Crossover Ventures and Andreessen Horowitz.
Norwest has a single limited partner, which is Wells Fargo & Co. Wells Fargo became NVP’s sole limited partner in 1989 and has not had any issues raising funds from them since then.
Last year, NVP hit a record with over 11 portfolio companies involved in exits at a combined value of over $10 billion. This includes the sale of Virtela to NTT Communications for $525 million and the IPOs of FireEye and RetailMeNot.
This fund will be used by NVP to invest in seed- to late-stage and growth equity companies across cloud and IT infrastructure.