CRV raises $375 million for new fundFebruary 28, 2012: 9:24 AM ET
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.
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…