North America

Fund IV will invest in early-stage science-driven companies.

Investors include the Firefighters' Pension Investment Fund, which committed $60m, and the Development Bank of Japan, which committed an undisclosed amount.

Heyman is now co-managing partner of JPMorgan Growth Equity Partners, which closed on a $1bn fund last year.

CRV says valuations are too high to justify continued investment from its opportunity fund, but other VCs say they are still seeing plenty of good follow-on deals.

Venture funds raised a little less than $83bn in the first three quarters of this year, down from more than $95bn in the same period in 2023, according to exclusive research by Venture Capital Journal.

Since its launch in 2012, the firm has backed a host of iconic companies, including Zoom, Twitter, Square, Coinbase and Palantir.

The $865m fund will be invested by a new growth team led by former TCV general partner Shalini Rao and including alumni of Bessemer Venture Partners, EQT Group, Insight Partners and Bond.

"When firms like TPG are coming in to provide the finance for the facilities, that's a market signal that these projects are bankable" says Robert Ethier of Impact Science Ventures.