Silicon Valley firm Norwest Venture Partners has raised its largest fund to date, a $1.5 billion pool of money, joining a wave of record fundraising as venture firms jockey for deals in the competitive field of startup investing.
The new fund, announced Wednesday, comes just two years after Norwest raised a $1.2 billion fund, which was at that time the firm’s largest. Norwest Venture Partners was founded in 1961 and is on its 14th fund.