Norwest raises US$1.2bn

US VC Norwest Venture Partners has raised a US$1.2bn fund for investment across the globe.

All the money has come from Wells Fargo & Co, the San Francisco, California-based banking group and affiliate of Norwest.

Silicon Valley-based Norwest is looking to back technology start-ups and other growth stage private companies based in the US, India, Israel and China over the next three to four years.