Bessemer collects $4.6bn across two funds, launches growth buyout strategy

Bessemer raised $3.85 billion for its twelfth flagship fund, which will focus on seed and early-stage investments in companies spanning enterprise, deep tech, fintech, consumer and healthcare.

  • The Forge fund targets growth buyout and significant minority transactions
  • The firm had 12 IPOs, five public listings, and nine M&A exits last year
  • Bessemer has more than $20 billion of assets under management

Bessemer Venture Partners has raised $4.6 billion across two funds — $3.85 billion for its 12th flagship fund, BVP XII, and $780 million for its inaugural BVP Forge fund.

The two new funds allow the firm to back entrepreneurs and management teams across all stages of growth. BVP XII will focus on seed and early-stage investments in companies spanning enterprise, deep tech, fintech, consumer, and healthcare. The Forge fund targets growth buyout and significant minority transactions in software and tech-enabled services businesses.

“Over the decades, Bessemer has successfully navigated and supported entrepreneurs through times of rapid change and market volatility,” Jeremy Levine, a partner in Bessemer’s New York office, said in a statement. “Innovation thrives during these periods, and that remains true in the midst of today’s more challenging market, as we partner with founders to build enduring companies.”

Bessemer has more than $20 billion of assets under management. In 2021, the firm had 12 IPOs, five public listings, and nine M&A exits within its portfolio.

Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore.

Bessemer did not disclose the names of investors in its new funds. Limited partners in prior funds include Arkansas Teacher Retirement System, Ewing Marion Kauffman Foundation, General American Life Insurance Company, John D. and Catherine T. MacArthur Foundation, Lockheed Martin Master Retirement Trust, the Penn Mutual Life Insurance Company, and the University of Washington Endowment, according to PitchBook.

“We are thankful for the support during this fundraise of our limited partners, who we’ve been fortunate to build the trust of, and maintain long standing relationships with — a testament to the work of our team and the strong performance and track record of the firm,” Scott Ring, Bessemer’s chief strategy officer, said in a statement.