The last quarter was highly active, with 26 corporates setting up a fund, and 12 other funds backed by corporates being raised.
At the same time there were two funds in the market with corporate backing that reached a close – Intellectual Ventures and Luminari Capital – and one fund set up by a corporate actively fundraising – China crowdsourcing platform CTQuan’s planned $100m fund.
The biggest fundraising of the quarter was that of venture capital firm Norwest Venture Partners, which closed its latest fund, Norwest Venture Partners XII, at $1.2bn, with US-based financial services firm Wells Fargo acting as the fund’s sole limited partner.
The largest fundraising by a venture firm with multiple corporate backing, was Germany’s state fund with multi-corporate backers High-Tech Gründerfonds, which took its fundraising to $420m after securing local chemical and pharmaceutical company Bayer as an investor.