Growth equity and early stage investor Norwest Venture Partners has closed its biggest-ever fund by collecting $3bn of equity.
The fundraise boosted the firm’s total capital under management to $12.5bn. NVP XVI is 50% bigger than its predecessor NVP XV, which it closed on $2bn in 2019.
Norwest said the new fund will target innovative companies with transformational businesses. The firm had made new investments in 60 companies since the closing of XV mainly focusing in the consumer, enterprise and healthcare sector.
Sonya Brown, general partner of Norwest, said, “We are excited to formalize our dedication to backing companies that also care about environmental and social sustainability with the introduction of an ESG policy in parallel with our continued commitment to diversity, equity and inclusion (DEI).
“We have long invested in companies capable of driving lasting change and will continue to do so with our new fund.”
Norwest backed performance clothing brand Vuori through a minority investment in 2019. Other investments include Dave, Gong, Ritual, Swiggy, and Udemy.
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