Lightspeed Venture Partners closed Lightspeed Venture Partners XI and Lightspeed Venture Partners Select II at $715 million and $500 million, surpassing their fundraising targets of $600 million and $350 million, respectively, said Michael Romano, partner of investor relations.
Fundraising was completed in two months.
Lightspeed Venture Partners XI, an early-stage venture capital fund, will focus on opportunities in the enterprise and consumer sectors primarily in North America, but also in Israel. Lightspeed Venture Partners Select II is a late-stage expansion fund.
Portfolio investments have not yet been made.
Investors in both funds include the $24 billion Texas County & District Retirement System, Austin; and the $34.2 billion Illinois Municipal Retirement Fund, Oak Brook.
Predecessor funds Lightspeed Venture Partners X and Lightspeed Venture Partners Select closed in March 2014 at $635 million and $430 million, respectively.
