著名风投机构IVP（Institutional Venture Partners）是一家专注于技术市场后期的风投公司。今天公司宣布，为其14期基金募得10亿美元。短短两年前，它刚刚募得7.5亿美元。

    这个消息没什么让人惊讶的，因为此前媒体已经广泛报道过“10亿美元”这个募资目标。据我猜测，此次募资规模之所以有所扩大，是为了帮IVP度过两笔募资之间的三年空白期。尽管公司合伙人斯蒂夫•哈里克坦承，由于Facebook和社交游戏公司Zynga（IVP投资组合中的一家）这些公司上市后表现欠佳以及其它一些原因，公司所投资公司的后期市值开始显得有些“疲软”。如果这种疲软持续下去，可能IVP就不能那么随心所欲地用这10亿美元来进行投资活动了。

    或者，更有可能出现的情况是，由于业界对云计算概念的追捧，以及对移动设备所需软件的需求与日俱增，IVP将把投资重心更多地放在企业而非消费领域。此前，IVP曾将其7.5亿美元基金中超过一半多一点的资金投在了消费领域身上，但哈里克透露，这一次他们可能会将这个比例颠倒过来。

    最后，哈里克阐述了IVP为何一般不怎么参与G类系列（Series G-type）的上市前融资：“我们不认为投资对象越多越好，而且我们相信，通过IPO套利是一种难度很大的风险投资退出方式。”

    IVP投资组合中的公司包括Twitter，LegalZoom和Buddy Media（该公司已经被SalesForce公司以6.89亿美元收购）。

    译者：清远

    Institutional Venture Partners, a later-stage VC firm focused on the tech market, today announced that it has raised $1 billion for its fourteenth fund. This comes on the heels of a $750 million vehicle IVP raised just two years ago.

    No real surprise here, as the $1 billion target had been widely reported. And I guess the size increase is to help IVP go three years between funds, although partner Steve Harrick acknowledges that there has been some "softening" of later-stage valuations based, in part, on the lackluster public performance of companies like Facebook and (IVP portfolio company) Zynga. If such softening persists, perhaps IVP won't be able to put its $1 billion to work as easily.

    Or, more likely, it will focus a bit more on the enterprise side than the consumer side, given all the cloud chaos and mobile software needs. IVP spent a bit more than half of its $750 million fund on consumer, but Harrick acknowledges that it may well flip this time around.

    Finally, a quote from Harrick on why the firm typically doesn't participate in Series G-type pre-IPO rounds very often: "We do not collect logos, and our belief is that IPO arbitrage is a very difficult way to play this game."

    IVP portfolio companies include Twitter, LegalZoom and Buddy Media (being acquired by SalesForce for $689m).