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TCV closes record $3B fund to invest in consumer internet, IT infrastructure and services

January 31, 2019 / Ingrid Lunden

On the back of a strong showing for portfolio company Spotify going public last year and several biggies like Airbnb also slated to list very soon, VC firm TCV has announced its latest and biggest-ever fund, the $3 billion TCV X, which has now closed and will start getting invested “soon,” the company tells me. TCV’s previous fund — the $2.5 billion TCV IX — was closed in 2016 and focused on growth rounds. The firm says that it has made 21 investments out of that fund to date. Recent investments have included travel platform Sojern, Tour Radar, home-exercise startup Peloton, activity booking platform Klook, ByteDance, LegalZoom and more. “The amount we raised is about the opportunity in tech investing, it’s large and continues to grow,” Nathan Sanders, TCV GP and COO, said in an interview today about this latest fund. “We are not looking to have explosive growth but we’re increasing our size to meet the opportunity. It’s...