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Illustration: Lazaro Gamio / Axios

Institutional Venture Partners has raised $1.5 billion for its sixteenth fund, Axios has learned. The final close came last Wednesday, although it's possible that IVP won't actually begin investing the money until early 2018.

Why it matters: IVP is one of Silicon Valley's most active late-stage venture firms, with a portfolio that includes such companies as Dropbox, Domo, Pindrop Security, The Honest Company, Slack and Tanium.

Scale: The firm has wide latitude in check sizes, able to go as small as $10 million and as large as $150 million. That means it can supplement later-stage deals with some earlier opportunities, like it did for Snapchat (where its cost basis was just $0.98 per share).

Exits: 37 year-old IVP has had more than 100 portfolio companies go public, but partner Dennis Phelps acknowledges that the overall pipeline is currently gummed up a bit. "A number of companies that planned to go public in Q4 of this year have paused, partially because there is still plenty of ability to raise capital in the private markets and partially because of the performance of high-profile companies like Snap and Blue Apron."

Consistency: $1.5 billion is only a slight increase over the $1.4 billion IVP raised for its fifteenth fund in 2015, and the new vehicle features the exact same group of general partners. Per Phelps: "If it ain't broke, don't fix it."

Go deeper

Biden to sign 15 executive actions on Day One

President-elect Joe Biden. Photo: SAUL LOEB/AFP via Getty Images

President-elect Joe Biden is expected to sign 15 executive actions upon taking office Wednesday, immediately reversing key Trump administration policies.

Why it matters: The 15 actions — aimed at issues like climate change and immigration — mark more drastic immediate steps compared with the two day-one actions from Biden's four predecessors combined, according to incoming White House press secretary Jen Psaki.

Off the Rails

Episode 7: Trump turns on Pence

Photo illustration: Eniola Odetunde/Axios. Photos: Elijah Nouvelage, Alex Wong/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 7: Trump turns on Pence. Trump believes the vice president can solve all his problems by simply refusing to certify the Electoral College results. It's a simple test of loyalty: Trump or the U.S. Constitution.

"The end is coming, Donald."

The male voice in the TV ad boomed through the White House residence during "Fox & Friends" commercial breaks. Over and over and over. "The end is coming, Donald. ... On Jan. 6, Mike Pence will put the nail in your political coffin."

Big Tech's post-riot reckoning

Photo illustration: Sarah Grillo/Axios. Photo: Tasos Katopodis/Getty Images

The Capitol insurrection means the anti-tech talk in Washington is more likely to lead to action, since it's ever clearer that the attack was planned, at least in part, on social media.

Why it matters: The big platforms may have hoped they'd move to D.C.'s back burner, with the Hill focused on the Biden agenda and the pandemic out of control. But now, there'll be no escaping harsh scrutiny.