Norwest closes 18th fund at $4 billion
The fund, Norwest 18, will support venture capital and growth equity investments across technology, healthcare and consumer businesses in the US, India and Israel.
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Global investment firm Norwest has closed its 18th fund at $4 billion, its largest fundraise in its 65-year history, taking its total capital under management to $18 billion.
The fund, Norwest 18, will support venture capital and growth equity investments across technology, healthcare and consumer businesses in the US, India and Israel, the firm said in a statement. It has not specified how much of the capital will be allocated to individual geographies.
India is expected to remain an important market for the investor. Norwest has around $2.5 billion in assets under management in the country and typically deploys $300–350 million annually, Niren Shah, managing director and head of Norwest India, told The Economic Times.
The firm plans to increase its exposure to value-added manufacturing, industrial services and mechatronics, while continuing to invest in healthcare, financial services and consumer businesses. Its existing Indian portfolio includes companies such as Swiggy, OfBusiness, Amagi Media Labs, Five-Star Business Finance and Padmini VNA. Its investments in manufacturing and aerospace in the country include Padmini VNA and JJG Aerospace.
The latest fundraise follows Norwest's $3 billion Fund 17, announced in April 2024. Since then, the firm has made more than 87 investments globally and supported over 30 portfolio companies through liquidity events, including public listings and acquisitions.
Founded in 1961, Norwest has invested in more than 750 companies and currently partners with over 275 businesses across its venture and growth equity portfolio.
The fundraise comes amid a series of fundraising milestones by venture capital firms focused on India. In February, Peak XV Partners closed $1.3 billion in fresh capital commitments across three funds focused on India and the broader Asia-Pacific region. In July, Elevation Capital closed its ninth India-focused fund at $500 million. In August, Accel closed a new $550 million India fund, less than two years after raising its previous India-focused vehicle.