After making quick work of its fifth fund, Technology Crossover Ventures (TCV) has closed its latest venture capital vehicle, amassing $1.4 billion (€1.19 billion) in limited partner commitments for Technology Crossover Ventures VI. The fund close is the largest for a technology-focused VC group this year.
TCV’s focus spans the technology space, with the firm making investments in software, communications, infrastructure, services and semiconductor companies. The group, headed by co-founders Jay Hoag and Rick Kimball, typically targets businesses in need of expansion or later-stage financings and will also invest in the occasional PIPE.
Recent deals for the firm include a late-stage investment in spyware fighter Webroot Software and a 2004 investment in online matchmaker eHarmony.
The new fund for the firm comes less than two years after Technology Crossover Ventures raised $900 million for TCV V. That fund, however, came in at just barely half the size of the $1.7 billion the firm had raised in 1999 for its fourth vehicle. The quick investment pace of its fourth fund was likely a factor for TCV again choosing to exceed the $1 billion mark this time around.
The investor base, according to the statement, is made up of public and private pension funds, university endowments, financial institutions and family offices. Past investors in TCV vehicles reportedly include HRJ Capital, Montagu Newhall Associates, CalSTRS, CalPERS, Hewlett-Packard Co. and New Mexico State Investment Council, among others.
The closing of the fund comes on the heels of news from September that TCV had lured General Atlantic principal Robert Trudeau to the firm as a general partner.