General Catalyst Partners closed its ninth flagship venture capital fund at $1.38 billion, smashing its initial target size of $1 billion after just three months on the road.
General Catalyst IX will continue the Boston-based firm’s strategy of investing in early- and growth-stage companies in North America. Its limited partners include the Tennessee Consolidated Retirement Systems, which committed $100 million, and the University of Michigan, which chipped in $70 million.
The vehicle’s total capital commitments mark a significant increase on General Catalyst’s two prior funds, which closed in 2016 on a combined sum of only $845 million, and reflects a nascent trend among blue-chip VCs of targeting megafunds. Fellow Boston venture shop Battery Ventures recently closed two funds on a total of $1.25 billion, and Silicon Valley giants Khosla Ventures and Sequoia Capital are also currently raising multi-billion dollar funds.
In addition to its Cambridge, MA, headquarters, General Catalyst has an office in New York and two more in California.