Lead Edge Capital, an investor in Uber and Spotify, has raised its fourth and biggest fund so far, with $520 million aimed at investing in growing consumer and technology companies.

The new fund boosts total capital under management to $1.5 billion. The firm is also announcing Thursday that former NetSuite CFO Ron Gill is joining as operating partner. Lead Edge's other operating partners are Lorrie Norrington, the former president of eBay, Jim Schneider, the former CFO of Dell and Paul Bell, the former president of Dell's enterprise business.

Silicon Valley is awash in money from private investors who are hoping to find the next unicorn, those $1 billion-plus start-ups like Uber and Airbnb that are radically shaking up established industries.

But there is still "too much money on the sidelines," said Mitchell Green, Lead Edge's founder and managing partner. He set up the firm so that its hundreds of investors, many of them current and former executives of companies such as Xerox, Charles Schwab, PayPal and Wayfair, are encouraged to help the companies the fund invests in make connections in their industries.

Lead Edge was an investor in cybersecurity company Duo Security, which agreed earlier this month to be sold to Cisco Systems for $2.3 billion. It also invested in U.K. company ClearScore, which Experian bought earlier this year for $385 million. And it owned stakes in Spotify and Delivery Hero, both of which have listed shares publicly in the last year.

The fourth fund's focus will be more of the same, Green told CNBC. The firm invests in private consumer internet and consumer product companies and technology firms. It also takes primary and secondary stakes in late-stage private companies and invests in publicly traded tech companies like Alibaba.