Silicon Valley venture capital firm U.S. Venture Partners has raised $625 million for its tenth fund, to invest in new companies, despite mediocre performance.
The amount was reported in a July 14 regulatory filing, and reported this morning by VentureWire.
USVP, based in Menlo Park, Calif., invests in technology and health care, and is starting to invest in clean technology. U.S. Venture Partners X LP is similar in size to the $600 million ninth fund the firm closed in 2004.
It’s still early to tell how the firm’s ninth fund is doing, but its eighth fund hasn’t done very well.
That 2001 fund has an internal rate of return of negative 2.5 percent as of December, according to one of its investors. The median IRR for 2001-vintage funds was 4 percent, according to Cambridge Associates.