Norwest Venture Partners, the now 60-year-old venture and growth equity firm backed entirely by the banking giant Wells Fargo, today rolled out its sixteenth fund, a $3 billion vehicle and its biggest to date.
It’s easy to shrug off the development, but this new pool brings the assets Norwest has raised altogether across the decades to $12.5 billion. Put another way, despite that gigantic fund announcements have become routine, this one is kind of a big deal and another indicator that this market is a very different one from even five years ago.
Certainly, one can see why, in a go-go environment, Wells might agree to such a commitment. For one thing, on the growth equi …
