Lightspeed Venture raises $1.2bn via 2 funds

Lightspeed’s 11th flagship fund and second later-stage fund each raised $715m and $500m, respectively.

Venture capital firm Lightspeed Venture Partners has raised $1.2 billion via two separate funds, according to a US Securities and Exchange Commission filing.

Lightspeed Venture Partners XI raised $715 million. Lightspeed Venture Partners Select II raised $500 million, according to a separate filing. The filings each indicated there are 92 investors in the funds, including the general partner.

The flagship funds focus on early-stage investments, whereas the “Select” funds seek later-stage companies, according to reports.

These filings follow a strong fundraising year in the venture capital space, where funds raised a total of $28.2 billion in 2015, as reported by Private Equity International. Although this was a 9 percent drop from 2014’s $31.1 billion total, it is still considerably higher than the 10-year average of $20.32 billion, according to data from Thomson Reuters and the National Venture Capital Association.

The firm’s previous flagship fund, Lightspeed Venture Partners X, closed on $1.05 billion in November 2014, beating its $750 million target, according to PEI’s Research & Analytics division. Limited partners in the tenth fund include Illinois Municipal Retirement Fund, which committed $18.75 million, Teachers’ Retirement System of the State of Illinois, which committed $13.5 million, New York State Teachers’ Retirement System (NYSTRS), which committed $35 million, Tennessee Consolidated Retirement System, which committed $16.7 million, Alaska Permanent Fund, which committed $18 million, and Texas County and District Retirement System, which committed $20 million.

Lightspeed Venture Partners Select first fund raised $300 million in 2014, according to another SEC filing. Its investor base includes Illinois Municipal Retirement Fund, Teachers’ Retirement System of the State of Illinois, NYSTRS, Teacher Retirement System of Texas, Tennessee Consolidated Retirement System, Alaska Permanent Fund, and Texas County and District Retirement System, according to PEI Research & Analytics.

PEI Research & Analytics indicates that the firm manages $3 billion in assets. It has 136 companies in its current portfolio, including car-sharing service Sidecar, big data cloud marketing platform bloomreach, and personalised video technology advertising company eyeview, according to its website.

Lightspeed could not be reached for comment.