Institutional Venture Partners, the late stage venture capital firm, has raised a $1 billion investment fund, the largest fund the firm has raised to date.
Dubbed Fund XIV, the fund’s target had been $750 million, the size of its late fund, but was oversubscribed to $1 billion, Forbes reported. It is the firm’s 14th fund, and brings its culmative committed capital to $4 billion total.
Though IVP is not quite a household name in the investment game due to its late stage entrance strategy, the firm has backed plenty of well-known companies, including the likes of Twitter, DropBox, LivingSocial, and Netflix. It specializes in late stage investments of companies with $20 million in revenue or more. The firm has invested in 300 companies, 90 of which successfully went public.
This latest fund will continue to invest in the firm’s core specialties of digital media and the Internet, IT, and mobile communications. It will likely invest in about 25 to 30 companies with an average package of $10 million, Reuters reported.
Despite the weak public market (link to “IPO Market Post-Facebook Struggles as M&A’s Increase” recently written) post-Facebook, the firm remains bullish about the potential of technology.
“I’ve watched the technology market over a 30-year period,” Sandy Miller, a partner at IVP, told the New York Times. “There’s more interesting, high quality companies today than there has ever been and by a very wide margin. In every market, most deals don’t make sense, and that’s true now, but that’s always been true.”