Norwest Venture Partners, a former investor in Uber and Spotify, said on Thursday it closed its largest fund to date at $2 billion, bringing its total capital under management to $9.5 billion.

Its previous fund, which closed in early 2018, was $1.5 billion.

Jeff Crowe, managing partner at Norwest, said the larger fund size helps the firm keep its previous pace of investments. "Deal sizes have gotten larger across the industry. And that's been true for us as well over the last couple of years. And therefore, that's one of the reasons behind the larger fund," said Crowe.