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Venture Capital

Institutional Venture Partners closes largest fund to date at $1.5 billion

flying dollar bills in stack, the concept of success

Institutional Venture Partners closed its venture capital fund Institutional Venture Partners XVI at $1.5 billion, said Gina Bauman, senior vice president of marketing and investor relations, in an email.

The fund, which invests in high-growth, late-stage technology companies, is the largest in IVP's history. The previous fund, Institutional Venture Partners XV, closed at $1.4 billion in 2015.

Investors in the latest fund include the $48.7 billion Illinois Teachers' Retirement System, Springfield, and the $27 billion Texas County & District Retirement System, Austin.