Norwest raised $4 billion for its 18th fund — its largest ever — announced November 13, 2026, up from a $3 billion raise in 2024. Wells Fargo, Norwest's sole limited partner, backs the firm's $18 billion in total assets. The fund focuses on early-stage AI startups; portfolio company Vast Data is valued at $30 billion. Gilead Sciences acquired Norwest's Ouro Medicines for $2.2 billion.
Norwest fund raise
- ▪Norwest's 18th fund marks a sharp increase from its prior 2024 fundraise of $3 billion
- ▪Norwest raised $4 billion for its 18th fund
- ▪Norwest manages $18 billion in assets, including Norwest's new 18th fund, which raised $4 billion
- ▪Norwest is a Wells Fargo & Co.-backed venture firm that has been operating for 65 years
Broad-based investment strategy
- ▪Norwest's teams all draw from the same fund pool for both early-stage venture and growth equity buyout deals, rather than maintaining separate funds
- ▪Norwest has 283 active portfolio companies, including 200 in its venture portfolio and 83 on the growth equity side
- ▪Norwest is headquartered in Menlo Park, California, and has operations in Israel and India as well as the US
- ▪Senior managing partner Jeff Crowe said Norwest is investing in areas other investors have deprioritized, including biopharma and consumer sectors
AI startup focus
- ▪Senior managing partner Jeff Crowe said Norwest is considering new investments in young open-weight model makers, AI inference companies, and data providers in areas such as robotics
- ▪Norwest senior managing partner Jeff Crowe said the firm is pushing to invest early in AI opportunities rather than participating in large late-stage funding rounds
- ▪Norwest has not invested in major frontier AI labs such as OpenAI or Anthropic, choosing instead to focus on companies applying AI to industries like security and healthcare
- ▪Norwest's current AI portfolio includes Vast Data Inc., valued at $30 billion
Portfolio exits
- ▪Gilead Sciences Inc. acquired Norwest portfolio company Ouro Medicines for $2.2 billion
- ▪Since Norwest's last fundraise, Indian e-commerce platform Swiggy Ltd. completed an IPO
- ▪Since Norwest's last fundraise, health-tech company Omada Health Inc. completed an IPO
Wells Fargo LP advantage
- ▪Norwest managing partner Jon Kossow said the firm maintains a slow, methodical growth approach
- ▪Wells Fargo is Norwest's sole limited partner
- ▪Because Wells Fargo is Norwest's only limited partner, Norwest is not under pressure to deliver fast returns and can hold portfolio companies longer without being forced to pursue exits
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