Norwest Venture Partners Goes Big

Norwest Venture Partners on Wednesday announced that it had closed a new venture-capital fund sized at $1.2 billion. That’s nearly double the size of the Silicon Valley venture firm’s last fund in 2006, which closed at $650 million.

The new fund is unusual in this day and age amid a tough fundraising environment brought on by the recession. What’s more, many venture capitalists argue that funds need to be smaller to get back to the basics, especially since venture capital isn’t an industry that necessarily scales upwards.

Here’s what Promod Haque, NVP’s managing partner, had to say about all this:

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