Institutional Venture Partners, better known as IVP, has raised a $1.4 billion 15th fund. The company’s last fund, it’s 14th, was a smaller $1 billion capital pool.
I spoke to the firm’s Steve Harrick, a general partner, about the fund size, cadence, and investment strategy. According to Harrick, the fund was raised in a two month period. That matches other notes I’ve received from venture firms indicating that their most recent fund came together quickly. The venture capitalist said that IVP could have raised more money if it had wanted to.
LPs are still thirsty, it seems.
Harrick told TechCrunch that the fund’s size will allow IVP to write $40 to $60 million checks when it wants to but that it might be willing to put as much as $100 million into a company if the situation warranted it. IVP has a late-stage focus, of course.
IVP will invest the capital over a three to four-year period, in around 12 to 15 companies per year, according to Harrick. The firm has 7 general partners, implying more than one deal per year, per partner.
According to Harrick, IVP’s lifetime internal rate of return is 43.2 percent. The company doesn’t break out the return of its more recent funds.
To summarize: Another large venture firm has raised a massive round that is substantially larger than its preceding fund. Just like Freestyle, and NEA, and pretty much everyone. There is enough fresh money in silicon valley to keep this ball going for at least a dozen more songs.
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