Venture-capital firm Institutional Venture Partners said it raised a new $750 million fund, as the overall venture-fundraising environment begins to show some signs of improvement.
The Sand Hill Road, Menlo Park, Calif., venture firm, which primarily invests in later financing rounds of start-ups as opposed to the earliest stages of a start-up, said its newest fund is larger than its 2007 fund that closed at $600 million. The new fund–dubbed IVP XIII–was also originally targeted to be $600 million but was oversubscribed, said IVP General Partner Todd Chaffee.
Mr. Chaffee said investor interest in the new fund was particularly driven by IVP’s results over the past few years, with the firm having taken stakes in hot start-ups such as micro-blogging service Twitter and online games company Zynga. Since IVP largely invests in start-ups when they are more mature, Mr. Chaffee said some of the risk is also dminished for an investor.
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Author: Pui-Wing Tam
