Palo Alto, California-headquartered Technology Crossover Ventures has closed its latest venture capital fund, TCV VI, on $1.4bn. Investors in the new fund include public and private pension funds from North America and Europe, university endowments, financial institutions, family offices and technology entrepreneurs.
Jay Hoag, a founding partner of TCV, said, ‘We are very pleased to have received such a strong response to TCV VI from existing and new limited partners.’
‘We believe this response was a direct reflection of the great companies and entrepreneurs we have backed throughout our ten-year history,’ Hoag continued.
Rick Kimball, also a founding partner of TCV, added, ‘We appreciate the overwhelming support of our limited partners and look forward to continuing to work with great management teams to help them achieve their full potential.’
TCV VI will be invested by TCV’s team of 23 investment professionals, which includes ten partners. The new fund brings the firm’s total capital under management to $4.7bn.
The predecessor fund, TCV V, closed on $900m in 2004.
TCV is a provider of growth capital to technology companies. Its crossover investment model combines venture capital with public market investing and enables TCV to continue to invest in its portfolio companies at the IPO and beyond.
The firm’s investments include Actuate, CNET, Expedia, Liquidnet, Netflix, Redback Networks, Webroot and Xylan.