Technology venture capital fund Norwest Venture Partners said on Monday it has raised $650 million through its most recent fund, Norwest Venture Partners X.
The fund is targeted at early, mid and late stage investments with a concentration on emerging growth opportunities in the global information technology sector, the venture capitalist firm said.
The addition of this new fund brings NVP's total capital and commitments to more than $2.5 billion, it said.
NVP X follows the $400 million NVP IX Fund that closed in late 2001, it said.
"This fund will enable NVP to enter a new phase of growth. The size of NVP X is a testament to our belief in the potential of emerging markets in US and India," NVP managing partner Promod Haque said.
NVP has also promoted Robert Abbott, Jeffrey Crowe, Vab Goel, Jim Lussier and Venkat Mohan to the position of general partner in conjunction with the closing of the new fund, it said, adding the company plans to expand the firm both in the US and India with the closing of NVP X.
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