Menlo Park, Calif. -- Marking the largest fund in its 32-year history, Menlo Park-based venture capital firm Institutional Venture Partners (IVP) said on Thursday it has raised a new $1 billion fund. Known as IVP XIV, the fund will continue the firm's focus on later-stage media and technology businesses. IVP plans to invest $10-$100 million in just 10-12 companies a year in the target sectors of Internet and digital media, enterprise IT and mobile and communications. IVP has invested in more than 300 companies since its inception in 1980, including ArcSight, comScore, HomeAway, Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL, Netflix, Shazam, Twitter and Zynga. The firm's general partners include Todd Chaffee, Norm Fogelsong, Steve Harrick, Jules Maltz, Sandy Miller and Dennis Phelps.