California-based late-stage investment firm Technology Crossover Ventures raises $2.23B for eighth fund
Growth equity firm Technology Crossover Ventures (TCV) announced on Wednesday that it had closed $2.23 billion for its eighth fund. This is one of the biggest venture funds ever raised recently, according to Reuters.
TCV said the funding came from European, Asian, and American public and private pension funds. Unnamed university endowment, tech tycoons, and other investors also contributed to the fundraising, The Wall Street Journal detailed.
In 2007, TCV raised $3 billion for its sixth investment fund. According to VentureWire, this was the largest venture fund ever raised. TCV will use the latest fund to invest in late-stage firms that have reached high valuations, the report continued.
TVC was founded in 1995 and has backed companies like Facebook, Netflix, and Spotify. Last year, the company was a lead investor in streaming music firm Spotify's $250-million funding round. To date, the growth equity firm has raised a total capital of $10 billion, Reuters reported.