Battery Ventures raises $1.25bn

Battery Ventures held final closes on its latest pair of funds after raising a combined $1.25 billion.

Battery Ventures XII and Battery Ventures XII Side Fund will continue the firm’s strategy of investing globally in tech startups out of its Boston, London, Israel and Silicon Valley offices. The main fund, which will invest across a wide variety of stages and sectors, raised $800 million and the side fund, which will serve as a companion vehicle for the firm’s larger growth and private equity investments, hit $450 million. The San Francisco Employees’ Retirement System committed $75 million to the vehicles.

In its press release, Battery also announced the promotion of Morad Elhafed to general partner.

The two predecessor vehicles in the series, Battery Ventures XI and its side fund, raised $650 million and $300 million, respectively. Limited partners in these funds include the Alaska Permanent Fund, which committed a total of $31 million, and the Public Employees’ Retirement System of Nevada, which invested $20 million.