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Norwest Venture Partners raises $3B for 17th vehicle, maintaining fund size despite market downturn
Norwest Venture Partners, a 65-year-old firm backed solely by Wells Fargo, has raised its 17th fund at $3 billion. That's a noteworthy number, given that The sixty-five year old firm closed the same size fund as it did in 2021.
That was the peak of the venture boom, and at that time, the firm said it increased its capital pool by 50% (NVP’s 2019 fund closed at $2 billion) because it needed to stay competitive in the dealmaking environment where round sizes and valuations have climbed to unprecedented levels. He pointed to the firm’s sale of Spiff to Salesforce, the buyout of Avetta by EQT for a reported $3 billion, and the IPO of Indian-based Five Star Business Finance. For instance, NVP planned to invest in crypto companies when it raised its last fund, but the sector fell out of favor shortly after that, and the firm didn’t pursue many deals in the space.
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