Technology Crossover Ventures has closed its seventh fund with $3 billion in capital commitments. This is more than double the size of TCV's sixth fund, which closed in $1.4 billion in November 2005. The
Technology Crossover Ventures (TCV), a leading growth equity investor focused on investing in premier technology companies, announced today the closing of TCV VII, a $3 billion fund. TCV VII is more than double the size of TCV VI, TCV's previous $1.4 billion fund raised in November 2005, and is the largest technology-focused venture capital fund closed in 2007. TCV VII brings the firm's total capital under management to $7.7 billion.
TCV VII will continue to execute against Technology Crossover Venture's core strategy of investing in premier later-stage technology companies, with a focus on five sectors: Internet, Financial Technology, Infrastructure and Communications, Software and Services, and Health Care IT. The funds will be invested by TCV's team of 28 investment professionals, which includes eight partners, and is one of the largest technology-focused teams in the venture capital industry.
“We appreciate the continued support of our limited partners and their overwhelming response to TCV VII,” said Jay Hoag, a founding general partner of TCV. “The strong participation in our newest fund highlights the successful 12-year track record we've had in backing some of the world's leading technology companies and entrepreneurs.”
“With TCV VII now in place, we are strongly positioned to expand the execution of our well-established investment strategy,” said Rick Kimball, a founding general partner of TCV. “We look forward to continuing our mission to identify the technology industry's premier companies and work with management to help them achieve their full potential.”
The investors in TCV VII include public and private pension funds from North America, Europe and Asia, university endowments, financial institutions, family offices and technology entrepreneurs.
Technology Crossover Ventures (TCV), founded in 1995, is a leading growth equity investor focused on investing in premier later stage technology companies. With $7.7 billion in capital under management, TCV has made growth equity, PIPE and recapitalization investments in over 150 companies leading to 44 initial public offerings and more than 30 strategic sales. Representative investments include Alteon Websystems, Altiris, Automated Trading Desk, CNET, Capella Education Company, eHarmony, Expedia, Fandango, InPhonic, INFONXX, iVillage, Liquidnet, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TradingScreen, Travelport, Webroot and Xylan. TCV has eight partners and is headquartered in Palo Alto, California. For more information about TCV, visit www.tcv.com.