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California-Based Fund Managers Focused Solely on Venture Capital – April 2013

by Luke Goldsmith

  • 17 Apr 2013
  • PE

According to Preqin's Fund Manager Profiles, there are 394 fund managers focusing solely on venture capital. These firms have collectively raised $71bn in total capital commitments over the last 10 years, and have an estimated $22bn available in dry powder. The top five firms by total funds raised in the last 10 years have raised over 25% of all the capital for funds based in California.

The largest California-based firm focused solely on venture capital in terms of funds raised in the last 10 years is New Enterprise Associates (NEA), raising $8.7bn. It has raised 17 funds in total since its formation in 1978. Its most recent fund closed in 2012 and raised $2.6bn. The firm typically focuses its investments in the US but is also open to investing in China. NEA has four offices in the US, two in China and two in India, and focuses on a wide range of industries, including information technology, healthcare and energy technology.

Paul Capital has raised $3.6bn in total capital commitments over the last 10 years. It has three venture capital funds with the most recent, Paul Capital Healthcare III, closing on $312mn in 2008. The global-focused firm has a diversified industry focus and has offices in the US, France, UK, Brazil and Hong Kong.

Institutional Venture Partners (IVP) has raised the third largest amount of capital over the last 10 years. It has raised $2.7bn and has an estimated $1.1bn available in dry powder. IVP is a late stage firm focused on the internet, enterprise IT, mobile, communications, and digital media industry sectors. Its most recent fund, Institutional Venture Partners XIV, closed in 2012 and reached its target of $1bn.

Lightspeed Venture Partners is another firm that has raised over $2bn, accruing $2.1bn in total capital commitments over the last 10 years. It provides capital to firms in the seed or early stages of the business cycle. It specializes in infrastructure software, enterprise software, networking systems, networking software, semiconductors and consumer services industries. The firm recently raised two funds; in 2012, the global-focused Lightspeed Venture Partners IX closed on its target of $675mn, and China-focused Lightspeed China Partners closed in January 2013 having raised $168mn.

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