Institutional Venture Partners is in the process of raising at least $450 million to make later-stage venture capital investments in tech companies, making it the latest firm to find itself lured to invest in more mature companies — an area where many investors have focused lately.

VentureWire reported the news today.

IVP did well in its early years, but its partnership has changed significantly since then.

One of its more recent funds, its $225 million fund, raised in 2000, has generated a net internal rate of return of 4.2 percent, according to the California Public Employees’ Retirement System. That was a tough year for the industry as a whole, and IVP’s returns put it in the top quartile of funds in terms of a performance, according to Venture Economics.