Heaptalk, Jakarta — Norwest Venture Partners has closed its managed fund NVP XVII, LP (NVP 17) USD3 billion, approximately Rp48 trillion. The firm will channel its managed funds into the early and growth stages in diverse countries, which consist of several verticals across enterprises, consumers, and healthcare.
“For more than six decades, we have been fortunate to partner with an incredible set of companies. Our diversified investment strategy, long-term commitment, and collaborative approach allow us to adapt to a wide range of market conditions and support founders and CEOs at every stage of their journey,” Senior Managing Partner of Norwest Ventures, Jeff Crowe, said.
Founded in 1961, the firm has a diversified investment strategy and works closely with entrepreneurs and CEOs across a wide range of stages and sectors. In 2009, the firm launched its growth equity practice and, a year later, added healthcare as a core investment sector alongside enterprise and consumer.
Since starting NVP 16 in December 2021, Norwest Ventures has made 69 new investments and worked closely with 36 portfolio companies to help them achieve liquidity events. Notable investments include Blue Cloud (PE acquisition), Ermetic (acquired by Tenable), Five Star Finance (IPO), Infutor (acquired by Verisk), Junk King (acquired by Neighborly), SmartSign (acquired by Sentinel), Spiff (acquired by Salesforce), and YipitData (PE recapitalization).
Norwest expanded its healthcare focus over the last two years by adding biotech to existing areas of medical devices and diagnostics, healthcare services, healthcare software, and tech-enabled services, thereby doubling the size of its healthcare venture team.
Recent healthcare investments across venture and growth equity include Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical, and Vertos Medical. Following the NVP 16 fund, which is also a US$3 billion fund, NVP 17 demonstrates the firm’s total capital under management to US$15.5 billion.
“Our experienced team helps portfolio companies navigate hyper-growth phases and challenging economic environments. The team we have built represents our commitment to finding the next category-defining companies and supporting them with value-creation services and resources as they scale their businesses,” said Managing Partner of Norwest, Jan Kossow.
