Battery Ventures has returned to market with its 15th flagship, which is seeking at least $3.2 billion.
According to regulatory filings, Taiwanese insurer Fubon Life Insurance is committing $75 million to the vehicle. The target size for Battery Ventures XV was calculated from the filings.
The fund comes about three years after the close of Battery Ventures XIV, which closed on $3.3 billion against a $3.5 billion target in July 2022, according to fundraising data from affiliate title Private Equity International.
Among the more than 194 investors in Fund XIV were San Francisco Employees’ Retirement System (with a $60 million commitment), New Mexico Educational Retirement Board ($40 million), Alaska Retirement Management Board ($25 million), Alaska Permanent Fund ($24 million), Public Employees’ Retirement System of Nevada ($21.25 million) and Orange County Employees Retirement System ($20 million), PEI data shows.
Battery Ventures did not respond to a request for comment by the time of publication.
Battery’s latest flagship comes as the global VC industry hit an eight-year fundraising low. According to Venture Capital Journal‘s Full Year 2025 Fundraising Report, only $80.1 billion was raised across 1,002 funds in 2025, a drop of 38 percent from the $128.7 billion raised in 2024.
The asset class as a whole is seeking to raise $266 billion, with the majority ($148 billion) of funds targeting North America. Accel is reported to be seeking at least $4 billion for Accel Leaders V. Fubon Life Insurance has also committed $75 million to the vehicle, PEI reported last month.
Founded in 1983 by Rick Frisbie, Bob Barrett and Howard Anderson, Battery is one of North America’s venture capital pioneers. The Boston-based firm backs companies across the application and infrastructure software, consumer, life sciences and industrial technology sectors based in North America, Europe and Israel.
Currently managing $15.11 billion in assets, Battery invests across seed and early stages, as well as growth and buyout opportunities. Notable portfolio companies include job search and company review platform Glassdoor, machine learning platform Galileo, cloud-based HR and benefits platform HiBob, and fintech platform Affirm – which went public in 2021 and raised $1.2 billion at the time.
Some of Battery Ventures’ previous flagships have demonstrated outsized returns. Its 1997-vintage Fund IV – which raised $200 million at the time – had generated a 7.16x DPI as of December 31, 2014, according to performance data from San Francisco Employees’ Retirement System. Battery Ventures XIII, which closed on $1.2 billion in 2020, was generating 9.7 percent IRR, 1.42x TVPI and 0.11x DPI as of June 30, 2025, according to performance data from Public Employees’ Retirement System of Nevada.
