Norwest equity partners wells fargo12/15/2023 ![]() ![]() ![]() Norwest has realized 29 exits since raising its previous fund. Aynechi, who was previously with the healthcare-focused firm Novo Holdings, aims to expand Norwest's healthcare team by spearheading biotech investments.Īlthough Norwest continues to be stage-agnostic, Wu said that the firm's best returns recently have come from seed and Series A investments, as well as from some late-stage bets. In addition to raising a new fund from its sole LP, Wells Fargo, Norwest made a few promotions and new hires, most notably bringing on Tiba Aynechi as a general partner. Norwest has met with consumer-focused crypto startups, but for now, it plans to invest primarily in infrastructure companies that could build more trust in the emerging technology. Norwest has yet to announce any crypto deals, but Wu said the firm plans to reveal details in the coming months. "But there are also new areas that we want to venture into, such as crypto, where we spend a lot of time right now." "This fund allows us to double down on areas where we have seen success, including fintech, proptech commerce, as well as on the enterprise side from vertical SaaS to cybersecurity," Wu said. Norwest partner Lisa Wu said the primary reason for raising a larger fund is to stay competitive in a dealmaking environment where round sizes and valuations have climbed to unprecedented levels. The Palo Alto-based firm is sticking with investing from a single vehicle across stages and sectors. ![]() Norwest's fund, which is 50% larger than its previous $2 billion investment pool that closed two years ago, brings Norwest's total assets under management to $12.5 billion. The three largest funds that closed this year were Tiger Global's $6.7 billion vehicle announced in April, TCV's $4 billion fund that closed in January and Flagship Pioneering's $3.4 billion fundraise from this summer. That's the most since 2019, when $111.5 billion was raised across 54 funds. Including the new Norwest fund, global VC firms this year have closed 89 mega-funds (vehicles of $500 million or more), totaling just shy of $100 billion, PitchBook data shows. The latest mega-fund announcement comes from Norwest Venture Partners, which has raised a $3 billion vehicle, the largest in the firm's 60-year history. The year may be nearly over, but 2021's exceptional venture capital fund formation is still going strong. The Norwest Venture Partners team has raised its largest fund in the firm's 60-year history. ![]()
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |