Norwest Venture Partners history

George Still led Norwest’s investment in PeopleSoft in 1989, and Norwest was the sole venture investor.

NVC hires Haque on a full-time basis in 1990.

The firm emerged as one of the most active and successful investment firms in the United States, and in response to this success, NEP V was raised in 1994 with $300 mm.

George Still and Norwest associate Darin Brannan develop the initial business plan for web hosting company Verio, which was incubated in the firm’s West Coast office in 1996.

Brocade goes public in May of 1999, creating more than $313.5 million in returns for Norwest, a multiple of 46.0 times its original investment.

NEP introduced Norwest Mezzanine Partners (NMP) in 2000 with $250 mm for its first fund.

Norwest’s consistent returns over the previous decade helps the firm launch its largest fund to date in 2001—Norwest Venture Partners IX (NVP IX), a $411 million fund.

Promod Haque ranks #1 on the 2004 Forbes Midas List as a top dealmaker.

PeopleSoft was acquired by Oracle in 2005.

Making a difference, building for the future | In 2011, the firm celebrated a major milestone of 50 years, an anniversary unique within its industry.

Forbes names Promod Haque a “hall of fame investor” and Norwest is ranked #6 as a firm with the most exits over $200M in 2013.

Norwest’s seed investment in Lending Club (NYSE: LC), the world’s largest online marketplace connecting borrowers and investors, translates to one of the top IPOs of 2014.

In 2015, NEP and NMP raised their largest pools of capital to date – NEP X with $1.6 billion and NMP IV with $1.2 billion.

In January 2016, the firm announced Norwest Venture Partners XIII, a $1.2B fund, and Wells Fargo was the sole investor in this fund.

In February 2018, the firm announced Norwest Venture Partners XIV, a $1.5B fund, in which Wells Fargo is a major investor.

In November 2019, the firm announced the firm announced Norwest Venture Partners XV, a $2B fund, bringing its total capital under management to $9.5B.