Monday, November 2, 2009

Greylock Partners establishes West Coast presence with $575M fund

By Galen Moore

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Greylock Partners has closed a $575 million 13th fund and appointed LinkedIn co-founder and executive chairman Reid Hoffman as a new investing partner, the California-based venture capital firm announced today.

Founded in 1965 in Boston, Greylock announced this May it would move its headquarters to Menlo Park, Calif., and continue to expand its presence there. The company has only two investing partners remaining in its Boston office.

Although venture capital fundraising as a whole has dwindled in 2009, Greylock was able to top its last fund size. In 2005, the firm closed its 12th fund at $500 million.