The firm’s previous fund, Norwest Venture Partners XIV, closed in February 2018 with $1.5 billion in committed capital. Fund XV will continue Norwest’s strategy of investing throughout the venture and growth equity landscape, from seed stage financing to company buyouts, the firm said in a statement.
Norwest makes venture investments across the Consumer, Healthcare and TMT sectors in India, Israel and the United States. Its growth equity team invests in Business Services, Consumer Goods, Financial Services, Healthcare, Information Services and Technology companies across multiple regions.
Wells Fargo’s Pension Plan has committed an undisclosed amount to the fund, PEI data shows.