US-based venture capital firm Charles River Ventures has raised $320 million for its fourteenth fund, Charles River Partnership XIV. The firm's last fund of $285 million was raised in April 2007, and with this fund Charles River will have $2.1 billion under management.
It's not clear how much of this will come to India. Charles River has two partners, Swapnil Shah and Devdutt Yellurkar, who focus on India opportunities. The firm has invested in two Indian startups, SMS Gupshup and Gridstone Research, as a co-investor with Helion Ventures.
The new fund comes in an environment where raising any new capital is getting tough. Various funds are cutting their targets and delaying fund closings. Charles River has managed to return $600 million to its limited partners in last 24 months through IPOs and M&As, which certainly must have counted in its favour during fundraising.
Charles River will continue to invest in early-stage information technology companies in areas like communications, Internet, and software and also on emerging companies focused on energy and intellectual property. Some of its portfolio companies also include Twitter and Scribd.
"With our new fund, we will continue to invest in high-potential entrepreneurs and we will work hard with them to help them create hugely impactful companies," said Bruce Sachs, Partner, Charles River Ventures.
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