The $1.4 billion capital raise, according to the firm, is a combination of Sapphire Growth Fund IV, a $150 million Opportunity Fund (which will we get into more later), and extensions of previous funds.
Sapphire said it plans to write first checks of up to $100 million per company out of the new fund, which brings the firm’s total assets under management to more than $4 billion.
In just over one year, Sapphire says it has invested in 15 new companies and has had five portfolio company exits, including Google’s recent acquisition of Fitbit.
Since it became an independent firm (from SAP) in 2011, Sapphire says it has had more than 55 exits, including 21 IPOs. In December 2018, it closed on a $115 million sports tech fund.