Accel Partners Raises Another Billion: Times Aren’t That Tough

Accel Partners, the VC fund which portfolio includes AdMob, Baidu, BitTorrent, Brightcove, Comscore, Facebook and dozens of other startups has just raised another $1 billion for two new funds.
The Accel Growth Fund will specifically focus on later stage investments and has raised $480 million. The Accel London III fund will focus on early stage companies as well as some mid-late stage European and Israeli startups. They raised $525 million. Accel will continue to invest in information technology, internet, digital media, mobile, networking, software, and services. Accel now manages $6 billion spread across their bracnhes in Palo Alto, London, Bangalore as China (via JV with IDG).
I won’t believe that we are really in tough times until one of the limited partners cuts off the funds and asks for the money being managed back. When $1 billion deals are still going through for VC’s to manage, the LP’s believe that the global economy is stable enough for new entries and later stages companies will be able to stick around.