IVP XIII Will Invest in High-Growth Technology and Media Companies
Menlo Park, Calif. – August 31, 2010 – Institutional Venture Partners (IVP), one of the premier later-stage venture capital and growth equity firms, announced the closing of Institutional Venture Partners XIII, a $750 million later-stage venture capital and growth equity fund. The fund will continue IVP’s successful strategy of investing in rapidly-growing technology and digital media companies throughout the United States. IVP XIII is the largest fund raised in IVP’s thirty year history of financing innovative businesses. This fund brings the firm’s cumulative committed capital to $3 billion. IVP XIII is the successor to IVP XII, an oversubscribed $600 million fund which closed in 2007.
“Our later-stage investment practice is working well,” said Todd Chaffee, General Partner of IVP. “We appreciate the on-going support of our Limited Partners, and the exceptional investor demand for this fund is a tribute to our team and investment results.”
“Our partnership is stronger than ever, and we continue to invest behind the world’s leading entrepreneurs,” added Norm Fogelsong, General Partner of IVP. “These entrepreneurs use our growth capital to enhance their competitive position and gain market share.”
With IVP XIII, the firm will invest in three target sectors: Internet and Digital Media, Communications and Wireless, and Enterprise IT. Typical investments will range in size from $10 million to $50 million. “In addition, the firm intends to continue its strategy of acting as the lead investor in venture capital financings above $100 million, often to finance growth, roll-ups, acquisitions and corporate divestitures,” said Steve Harrick, General Partner of IVP.
“Our deal flow is the strongest it’s ever been. We have invested in industry leading companies such as HomeAway, Twitter and Zynga,” said Sandy Miller, General Partner of IVP. “We provide the insight, capital and the contacts necessary to accelerate and manage growth.”
“IVP helps entrepreneurs to review key business strategies, recruit exceptional executives, and establish strategic partnerships,” continued Dennis Phelps, General Partner of IVP. “We assist with all aspects of company’s financial strategy, including future rounds of financings, mergers and acquisitions, and the planning and preparation for an IPO. We plan to continue and strengthen these efforts with IVP XIII.”
IVP currently has five general partners including Todd Chaffee, Norm Fogelsong, Steve Harrick, Sandy Miller and Dennis Phelps. The partnership team has more than 100 years of combined venture capital and operating experience, and the partners have made venture capital investments in many well known technology companies such as Ariba, Clarify, Compaq, Concur, Epiphany, HomeAway, Kayak, LSI Logic, Polycom, Seagate, Twitter, VeriSign, Websense, Yahoo and Zynga. Since the closing of the last IVP fund, the firm hired seven additional investment professionals and continues to partner with leading entrepreneurs.
Recent IVP liquidity events include the initial public offering of ArcSight (ARST), one of the few technology IPOs in 2008, Comscore (SCOR) and Synchronoss (SNCR), and several highly successful M&A transactions. AOL acquired Quigo for $340 million, RH Donnelley acquired Business.com for $350 million, Microsoft acquired Danger for $500 million, and Sun Microsystems acquired MySQL for $1 billion.
Limited Partner demand for IVP XIII was exceptionally strong, and the fund was oversubscribed. Limited Partners in IVP XIII came from around the globe and include foundations, university endowments, financial institutions, public pension funds, private equity fund-of-funds and private wealth offices.
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. Since it s founding in 1980, IVP has generated a 43.2% IRR and has invested in over 300 companies, 85 of which have gone public. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (ARST), Aspect Communications (ASPT), At Road (ARDI), Business.com (RHD), Clarify (CLFY), ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), Form Factor (FORM), Foundry Networks (FDRY), HomeAway, Juniper Networks (JNPR), Kayak, LSI Corporation (LSI), Mobile 365 (SY), MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Quigo (TWX), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter, Websense (WBSN) and Zynga. For more information, visit https://www.ivp.com or follow IVP on Twitter: https://twitter.com/ivp.