Norwest Venture Partners Raises New $650 Million Fund

Norwest Venture Partners has formed a new $650 million fund, Norwest Venture Partners X LP, which will mainly target technology deals in India, Israel and the US. In India, the fund is likely to look at the internet and wireless sectors closely. The new fund — the largest for the firm to date — will take Palo Alto-based Norwest Venture’s total capital under management to $2.5 billion, the company said. The new fund follows the $400 million NVPIX fund, which closed in late 2001. [Via San Jose Business Journal]
Also read an interview of Promod Haque, the managing partner of Norwest Venture Partners, in The Hindu Business Line. In India, Haque sees a lot of opportunities in the local consumer markets (both Internet and mobile). “As penetration of broadband and wireless increases, we think the Indian market will mimic China,” he said.

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