Institutional Venture Partners closes $1 billion fund

The company will use the cash to invest in late-stage companies.

Institutional Venture Partners has secured $1 billion for a new investment fund.

The company broke the news to TechCrunch earlier today, telling the startup blog that it's calling the fund IVP XIV. The $1 billion raised is the largest fund the company has ever had and brings its total committed capital to $4 billion.

"Essentially it's going to be the same strategy," IVP General Partner Jules Maltz told TechCrunch in an interview. "We're a late-stage firm, we're very focused. We only do tech investing. We don't do China, we don't do clean-tech. We really want to focus on the 10 to 12 fastest growing, most prominent late-stage tech companies each year, and fund those businesses."

Over more than 30 years, IVP has invested its cash in a host of now-prominent companies, including Seagate, TiVo, Netflix, and Twitter. The company was also a Zynga investor.

According to an infographic the company gave to TechCrunch, IVP has had a 43 percent annual return rate since 1980.


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