Norwest closes $4B Norwest 18, its largest fund in 65 years

Norwest has closed Norwest 18 at $4 billion, the largest fund in the firm's 65-year history, taking capital under management to $18 billion.

The multi-stage fund invests in venture and growth equity across technology, healthcare and consumer companies in the US, India and Israel. Norwest names next-generation financial infrastructure among its focus areas, citing recent investments in Beltic, Rain and Stablecore to modernise payments and support digital currency adoption.

Since Norwest 17 launched in April 2024, the firm has made more than 87 investments and helped over 30 portfolio companies reach liquidity, including the IPOs of Swiggy, Omada Health and Amagi Media Labs. It has more than 275 active portfolio companies.

Managing partner Jon Kossow said the fund gives Norwest more flexibility across sectors, stages and geographies; Jeff Crowe is senior managing partner.