CRV, a more than 50-year-old venture firm, will return $275 million to investors from a $500 million select fund that supports late-stage rounds of existing portfolio companies, The New York Times reported.
The company was one of the first Silicon Valley companies to return committed capital to investors. (We reported yesterday that Peak XV, India's largest venture investor, is cutting the size of a small number of its funds.)
CRV Partners said they recognized that the company's investments in subsequent rounds of many companies would reduce overall returns.
The company raised Select Fund along with a $1 billion fund for early-stage startups in 2022. CRV said its next early-stage fund will be smaller and it has no plans to raise another select fund.
This is not the first time CRV has reduced the size of its fund. In 2002, when the dot-com bubble burst, the company cut its fund from $1.2 billion to $450 million. Other companies that reduced their funding size during this era included Kleiner Perkins, Accel, and Redpoint Ventures.