TCV launches Fund VIII

Technology Crossover Ventures is back on the market with Fund VIII after breaking venture fundraising records with its $3bn 2008 vintage.

Technology Crossover Ventures has launched its eighth fund, according to US Securities and Exchange Commission documents filed by the firm Friday. The firm did not disclose a target size in its filing, though Bloomberg reported previously that TCV wants to collect $2.5 billion. That could not be confirmed at press time. 

TCV declined to comment on this story. 

General partners Jay Hoag and Jon Reynolds are listed as directors of the general partner on the Fund VIII filing. 

The firm’s previous vehicle raised $3 billion in 2007, which made it the largest venture-focused firm in history at the time of the close, according to National Venture Capital Association data. Fund VII focused on technology investments between $25 million and $150 million in the Internet, enterprise software, services, communications infrastructure, financial technology and healthcare IT sectors, according to Oregon Investment Council documents. 

Fund VII was generating a 1.04x total value multiple and 2.2 percent internal rate of return as of 30 September, according to Oregon Public Employees Retirement Fund documents. 

TCV invests through a variety of strategies, including minority growth equity, recapitalisations, acquisition financings, buyouts as well as PIPES and public market transactions, according to its website. 

In September, the firm launched a London office to expand its strategy to include European markets. The office is led by general partner John Rosenberg, a 12 year veteran of the firm. 

“Enabled by cloud-based computing, frictionless sales models, and ubiquitous connectivity, more technology businesses are thinking and acting on a global scale,” Rosenberg said in a press release announcing the London opening. 

TCV was founded in 1995 by Hoag and Rick Kimball. The firm has raised $7.7 billion since inception.