Greylock Partners, a Silicon Valley venture capital firm, today announced the closing of Greylock XIII, a $575m fund.
Greylock will use the funds to invest in and support promising enterprise and consumer software, services and infrastructure ventures.
The firm also announced the addition of a new investing partner, LinkedIn Co-Founder and Executive Chairman Reid Hoffman. He will invest in promising early-stage ventures, as well as coach and advise entrepreneurs of Greylock portfolio companies.
Commenting on the closing, Greylock Partner Bill Helman said: “We are thankful to count among our investors some of the most sophisticated and respected university endowments and family foundations, many of which have been enthusiastic supporters of Greylock since our founding in 1965”.
Andrew K. Golden, President, Princeton University Investment Co, added: “In this difficult environment, all investors need to be particularly selective about the funds in which they invest.
“We are enthusiastic about Greylock and pleased that the firm allows us to be such a close partner. Our investment in Greylock XIII represents the lion’s share of the commitments we plan to make to venture capital funds this year”.
Among the companies Greylock has supported are Ascend Communications, digg, DoubleClick, Facebook, LinkedIn, Openwave, Open Market, Pandora, Tellabs, Trilogy, Wily Technology, Workday and Zipcar.
The firm operates in a number of global centers of innovation, including Boston, China (Beijing), India (Bangalore), Israel (Herzliya) and Silicon Valley.