Charles River Ventures today will announce that it has closed its fifteenth fund with $375 million in capital commitments. The bi-coastal firm originally went out with a $300 million target just over two months ago, and was oversubscribed well beyond what it ultimately accepted.
CRV still has some dry powder remaining in the $320 million fund it raised in early 2009, so don’t expect CRV XV to be tapped until the end of Q2 or early Q3.
Recent IPOs for CRV portfolio companies include RPX Corp. (RPXC), Broadsoft (BSFT) and The Active Network (ACTV). TechCrunch has more info.
This close – both its size and speed – fits into the VC market’s larger narrative of haves and have-nots. A group of around two dozen firms seems able to raise what they want, when they want. The rest spend months, if not years, begging and pleading for a few LP crumbs. As the stratification continues to harden, it will be interesting to see how many new firms are able to break through – and if any of the current “haves” will fall out of LP favor…