Institutional Venture Partners (IVP) has closed a $750m later-stage venture capital and growth equity fund.
Following the strategy of the firm, IVP XIII will invest in rapidly-growing companies operating in the Internet and Digital Media, Communications and Wireless, and Enterprise IT sectors across the United States.
Investments will range in size from $10m to $50m.
Limited Partners for IVP XIII came from around the globe and include foundations, university endowments, financial institutions, public pension funds, private equity fund-of-funds and private wealth offices.
It is the largest fund raised in IVP’s thirty year history and brings the firm’s cumulative committed capital to $3bn. IVP XIII follows IVP XII, an oversubscribed $600m fund which closed in 2007.
IVP’s general partners currently include Todd Chaffee, Norm Fogelsong, Steve Harrick, Sandy Miller and Dennis Phelps.