Institutional Venture Partners plans to hold a first and final close for its 15th flagship fund on April 21, according to a GCM Grosvenor Private Markets report included in Los Angeles County Employees Retirement Association meeting materials. The firm set a $1.2 billion target and $1.4 billion hard cap on Institutional Venture Partners Fund XV.
The close will also mark a transition within the firm’s management structure. Managing Director Norm Fogelsong, who has been with the Menlo Park, Calif.-based firm for 26 years, will move to a part-time role following Fund XV’s close. Fogelsong will continue to be active with IVP’s existing portfolio companies and may source new opportunities as well, he said in an email.
In January, IVP promoted Principals Somesh Dash and Eric Liaw to general partners. Other GPs at the firm, according to its website, are Todd Chaffee, Steve Harrick, Jules Maltz, Sandy Miller and Dennis Phelps.
At $1.2 billion, Fund XV would be the largest in its 35-year history and 20 percent larger than the $1 billion IVP raised for its previous fund, which closed in 2012. The late-stage venture firm’s track record includes investments in several top performing venture-backed companies, including Kayak, Home Away, Snapchat and Twitter.
IVP will need similar success stories to maximize its carry on Fund XV. Fund terms outlined in Los Angeles County documents indicate IVP would take home a 25 percent carry should the fund clear a 2x net return for its investors. If not, carry falls to an industry standard 20 percent.
This story first appeared in affiliate magazine Venture Capital Journal, which is published by Buyouts Insider. Subscribers can read the full story in VCJ by clicking here. To subscribe to VCJ, click here for the Marketplace.
Photo illustration courtesy of Shutterstock.
Take your pick!
- Buyouts delivers exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more. Get your FREE trial or subscribe now.
- VC Journal provides exclusive news and analysis about venture capital deals, fundraising, top-quartile investors and more. Get your FREE trial or subscribe now.