The venture capital firm has secured $1.2bn from Wells Fargo, its sole limited partner since 1989, for its twelfth fund.

Venture capital firm Norwest Venture Partners has closed its latest fund, Norwest Venture Partners XII, at $1.2bn, with US-based financial services firm Wells Fargo acting as the fund’s sole limited partner.

Norwest was founded in 1961 but Wells Fargo has been its only LP since 1989, Promod Haque, a senior managing partner at Norwest, told the Wall Street Journal. He added that despite external interest, Norwest had seen no need to add more LPs.

“We’ve had no issues raising funds…