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IVP closes $300m fund

Menlo Park’s Institutional Venture Partners’ 11th fund will invest in information technology companies.

Menlo Park, California-based venture capital firm Institutional Venture Partners (IVP) has announced the close of its 11th fund on $300 million (€223 million).

The new investment vehicle will invest in rapidly-growing, expansion-stage companies in the information technology sector. The fund was originally targeted at $250 million. Investors include university endowments, public pension funds, private equity fund-of-funds and high net-worth individuals.

IVP’s previous fund, formed in 2000, is capitalised at $225 million and has invested in 28 companies to date, including ArcSight, Danger, Mobile365 and Vonage.

IVP XI is one of a number of new venture funds hitting the market as firms head into a highly anticipated fundraising market following the tech bust. Most recently in November, Redwood City, California-based ATA Ventures closed a debut IT fund on $150 million. And in October, Battery Ventures, headquartered in Wellesley, Massachusetts, raised a seventh fund of $450 million to invest in IT companies.

IVP, founded in 1980, manages more than $1.6 billion in committed capital and has an additional office in San Francisco.