Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Technology sector myFT Digest — delivered directly to your inbox.Spotify, Netflix and Airbnb investor TCV has raised $3bn to target start-ups as the US group pushes to take advantage of lower valuations and less rivalry three years on from the peak of a tech investing boom.TCV attracted new investors from Asia, the Middle East and Latin America as well as others in the US and Europe for its 12th fund. It plans to invest more than half of the fund in North America and the rest in Europe. \u201cTechnology investing is always competitive,\u201d said John Doran, who co-runs TCV. \u201cThat being said, the irrational behaviour we saw really ratchet up in 2021 has gone. We saw hedge funds and venture capitalists try their hand at growth investing and they are largely gone,\u201d he added.\u00a0Investment into tech start-ups has eased since 2021, as rising interest rates and geopolitical uncertainty have prompted many to retreat from the risky sector. Globally, venture capitalists raised $555bn in 2021. Last year, they raised a third of that total, according to PitchBook. TCV writes cheques for larger start-ups that have proven they already have a viable business, and often just a year or two before the companies go public.\u00a0Backing an established business gives TCV a higher chance of successfully cashing out its bets, albeit at a lower multiple return on investment compared with earlier-stage venture capital firms. This more conservative approach has positioned the firm well as the venture market has eased since 2021, according to Jay Hoag, the company\u2019s founder.\u201cThe world has come our way,\u201d Hoag said. \u201cIn 2021, a hedge fund would have a Zoom call and commit to an India deal in the morning, a China deal at lunch and a US deal in the evening,\u201d he added. \u201cThere was no diligence. That\u2019s gone.\u201dTCV, which has around $21bn in assets under management, has backed a number of high-profile tech companies in the US and Europe, including Expedia, Instacart and Klarna.\u00a0In November the firm committed to its first investment from this fund, partnering with large private equity groups including Blackstone, General Atlantic and Permira on the \u20ac14bn buyout of Norwegian online classified ads business Adevinta.\u00a0\u00a0TCV has continued to supply limited partners \u2014 the institutional investors, endowment funds and foundations that supply its capital \u2014 with regular liquidity during a punishing few years for venture investors, Hoag said.\u00a0\u201cWe have had 14 straight years of generating more than $1bn\u201d for limited partners, he said. \u201cThe total liquidity since 2020 is $11bn, which is more than we\u2019ve invested. That\u2019s relevant for our investors.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Technology sector myFT Digest — delivered directly to your inbox.Spotify, Netflix and Airbnb investor TCV has raised $3bn to target start-ups as the US group pushes to take advantage of lower valuations and less rivalry<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-94568","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/94568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=94568"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/94568\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=94568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=94568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=94568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}