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Norwest Venture Partners, the Menlo Park, California-headquartered global venture capital and growth equity investment firm, announced the close of its $3 billion Norwest XVII, LP fund (NVP 17).

The new fund—which will be deployed across India, the US, and Israel—follows Norwest Venture Partners‘ $3 billion NVP 16 fund it raised in December 2021, taking the total capital under management to $15.5 billion.

According to a statement, Norwest has invested in 69 new companies globally since raising NVP 16, clocking 36 liquidity events ranging from IPOs of Five Star Finance to other acquisitions. 

The VC will back early to mid-stage companies with a proven business model and initial revenue traction with a ticket size of $10 million to $30 million. It has backed the likes of Amagi Labs, Swiggy, Xpressbees Logistics, Duroflex, and Ofbusiness, among others in India.

Norwest’s growth equity investments include larger cheque sizes ranging from $20 million to $100 million, backing fast-growing companies across public and private companies. 

In India, the VC firm has made a total of 43 investments with 27 active companies in its portfolio. Its NVP 17 fund will continue to back growth companies in financial services and technology, consumer technology, products and services, B2B tech, industrial and manufacturing companies, SaaS and enterprise software, business and IT services, healthcare, and other technology providers. 

“Our diversified investment strategy, long-term commitment, and collaborative approach allow us to adapt to a wide range of market conditions and support founders and CEOs at every stage of their journey,” said Jeff Crowe, Senior Managing Partner at Norwest. 

In India, Niren Shah will continue to lead the firm’s investments as Managing Director and Head of Norwest India. 

The firm, which has 20 partners, also announced its succession plans with Promod Haque transitioning from the role of managing partner to the role of general partner. Jeff Crowe and Jon Kossow will lead the firm as managing general partners. 

Other significant hires announced by the firm include the appointment of Zack Scott as managing director and general partner for healthcare investments, Philip Fleischman as vice president, Mary Miller as head of business development for growth equity, and Renée Cohen as marketing operating executive, vice president.

It also promoted Matthew De Dominicis to CFO and administrative partner, while Krish Kapadia and Jordan Leites were elevated to the position of vice president.