NVP raises $1.2b for global VC fund
Norwest Venture Partners (NVP) has reached a final close of $1.2 billion on its latest fund, which will make early to late stage venture and growth investments out of the US and via subsidiaries in India and Israel.
NVP is an active VC investor in India with 28 portfolio companies covering areas such as financial services (National Stock Exchange of India, Yes Bank and Ratnakar Bank), online retail (Fashionandyou, Quikr and Yatra.com) and cloud-based enterprise solutions (Capillary Technologies, CRMnext and Attune Technologies).
The new fund, Norwest Venture Partners XII, which began investing in 2010, takes the US-based firm's total capital and commitments to approximately $5 billion. The previous vehicle, raised in 2009, also closed at $1.2 billion.
NVP has invested in nearly 550 companies since inception and the current portfolio numbers more than 120. A record 11 companies experienced liquidity events in 2013, taking advantage of buoyant US public markets and increasingly acquisitive strategic players. Exits included a partial sale of NVP's interest in Indian financial services company Shriram City Union Finance.
"A key strategy for success at NVP is investment diversification. We invest across multiple sectors, stages and geographies, all with a team approach that enables our portfolio companies to tap into the breadth and depth of our expertise," said Promod Haque, senior managing partner at NVP, in a statement.
"The closing of NVP XII will enable us to expand our focus in the enterprise IT, consumer internet, healthcare, consumer products and services sectors and grow our presence in thriving entrepreneurial hubs."
The firm has also expanded its internal portfolio services resources to further support companies in areas such as marketing, business development, recruiting, human resources, and domestic and international tax counsel.
In India, NVP typically invests $15-35 million, and up to $75 million, in growth equity opportunities across sectors including technology, media and telecom, financial services, infrastructure, consumer, industrials, manufacturing, retail and healthcare. On the early and mid-stage side, commitments are in the $2-15 million range.
More on Fundraising
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.