Norwest Venture Partners (NVP), a global venture and growth equity investment firm, announced the formation of its most recent fund, Norwest Venture Partners XI, LP.
The $1.2bn fund will target early to late stage venture and growth equity investments across a wide range of sectors and geographies.
NVP focuses on investment areas including information technology, business services, financial services, infrastructure, technology enabled services and consumer.
Commenting on the launch of the new vehicle, Promod Haque, managing partner of NVP, said: “The closing of NVP XI will enable us to further expand our growth by stage, region and sector. NVP is a global, multi-stage firm dedicated to both domestic and international investments, and we believe that raising one global fund is a distinct advantage for our portfolio companies.
“NVP partners are committed to each investment in the portfolio, regardless of the location or stage, and they all have a vested interest in making each NVP company successful. This philosophy is extended to the firm’s global offices, and we plan to continue this philosophy as we invest out of NVP XI”.
Since the closing of the last NVP fund, in 2006, the firm added three investment professionals to its U.S. venture team.
In addition, NVP India hired five investment professionals to focus on venture and growth equity investments and opened offices in Mumbai and Bangalore. In Israel, NVP brought on two investment professionals and opened an office in Herzelia.