Norwest Venture Partners, the 58-year-old venture firm backed primarily by Wells Fargo, has closed its 15th fund with $2 billion. The firm closed its last fund with $1.5 billion at the beginning of 2018; the firm now manages $9.5 billion across all of its funds.
We talked with managing partner Jeff Crowe a couple of days ago about the outfit’s seemingly aggressive funding pace. Though venture firms have begun announcing new funds on what’s closer to a two-year cycle than than every three or four years as was long the case in the industry, putting $1.5 billion to work in even less than two years’ time seems notable.
Crow explained that the firm’s growth equity team — which can write checks that range from $50