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May 13, 2014

NVP Raises New $1.2B Fund

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Private: Josh Goldman

We are delighted to share the news of NVP XII, our new $1.2B fund. NVP XII provides fresh fuel for us to continue making early to late stage venture and growth equity investments across a wide range of sectors.

We want to express our gratitude to all of the incredible entrepreneurs with whom we work – you inspire us with your vision, passion and drive to succeed.  The tech sector remains the global engine for innovation, job creation and economic growth, and we are excited to continue our 53 year involvement in this ongoing revolution.

From our vantage point, the opportunity to turn innovation into meaningful market impact has never been stronger. This is happening on a global scale with diverse and vibrant emerging technologies in the U.S. and markets abroad.  The advancements we continue to see in cloud and SaaS, the domination of mobile technology, the explosion of online marketplaces across all aspects of the economy and the continued innovation pertaining to cybersecurity threats and countermeasures have created a tidal wave of opportunity across numerous markets.

NVP Portfolio Success

We believe in investing across multiple sectors, stages and geographies. This new fund will build on momentum across our portfolio as more than 11 of NVP’s portfolio companies saw liquidity events in 2013 alone. These events included IPOs and M&A activity–from the IPO of cybersecurity leader, FireEye, one of the most heralded initial public offerings of the year; to the successful IPO of the world’s largest digital coupon destination, RetailMeNot; to the acquisition of cloud-based network services company Virtela by NTT Communications; to the sale of storage management software company ScaleIO to EMC.

Our global fund is based on a team approach that enables our portfolio companies to tap into the breadth and depth of our expertise across our entire firm.  Our team has grown to more than 42 investment professionals and 85 total team members worldwide, and we intend to expand further on both the investment side and our portfolio services team.

We also want to thank our employees for all of their efforts over the years. Raising a new fund can’t be accomplished without the support of the entire Norwest team, including our portfolio services groups, finance staff, general counsel, IT department, administrative staff, reception staff, office management and investment team. Each and every one of our employees plays an important role that is critical to NVP’s overall success.

NVP Milestones

Since the closing of our previous fund, NVP XI, in 2010, we have achieved a number of key milestones including:

  • Celebrated our 50th anniversary and surpassed 550 portfolio company investments over the years;
  • Saw broad success across NVP’s portfolio with more than 42 liquidity events;
  • Fueled the economy with NVP portfolio companies generating more than 100,000 jobs over the past several decades;
  • Re-introduced our healthcare practice and invested in 17 growth and venture healthcare investments globally;
  • Grew our team and services to portfolio companies. We added more than 40 investment, services and operations professionals to our staff and promoted 11 investment and portfolio services executives to partners/general partners.

What’s Next?

It’s an incredible time to be an investor. Technology is driving major transformations across entire sectors of the global economy. We are excited to continue our work partnering with visionary entrepreneurs who want to change the world. These leaders are the best and the brightest at seeing the future, harnessing technology, and building teams that foster enduring businesses with lasting value.