Norwest Venture Partners raises $3bn

The Palo Alto-headquartered venture firm closes its 16th fund, its largest to date.

Fund: Norwest Venture Partners XVI
Total raised: $3 billion
Stage of fundraising: Final close
Predecessor fund: Norwest Venture Partners XV ($2 billion)

Norwest Venture Partners has held the final close on Norwest Venture Partners XVI on $3 billion, according to a press release by the firm. The venture and growth equity vehicle will make investments globally across TMT, consumer goods and healthcare sectors. The fundraise brings Palo Alto, California-headquartered Norwest Venture Partners’ total capital under management to $12.5 billion.