Matrix Partners Closes On Tenth Fund; Raises $450 Million For Early-Stage Investments

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Matrix Partners just announced the close of Matrix X, the venture firm’s tenth early-stage technology-focused fund. As Fortune’s Dan Primack reported in a scoop in April, the firm raised $450 million for this fund.

The fund will be used to make early-stage investments in consumer Internet, mobile, enterprise software and IT infrastructure. Matrix’s portfolio includes Gilt Groupe, HubSpot, JustFab, Zendesk and others. Generally Matrix’s initial investments are between $2 million and $10 million, and on occasion the firm will make seed-stage and later-stage investments.

The firm’s past two funds also totaled $450 million, and Matrix says that they chose to keep this fund size, “despite significant over subscription.” While past reports indicated that Matrix raised a slightly lower amount than in previous funds, the firm said that this was the third consecutive fund that totalled $450 million. As explained in a release: “Unlike Matrix IX, this fund will be our only US investment vehicle. Due to the unusual market conditions in 2008, we coupled a $150M Special Opportunity Fund with Matrix IX to take advantage of some unique investment opportunities we thought might emerge, but we never called any capital in that fund.”

In addition to the U.S., Matrix also makes investments in China and India.