Software-focused Insight Venture Partners has raised $6.3bn for the final close of its tenth fund, bringing its total committed capital to more than $23bn.
The oversubscribed Fund X will be used to invest in the growth-stage software, software-enabled services, and internet business sectors.
Insight pulled in significantly more this time around than the $3.29bn it raised for its predecessor vehicle, and also trumped the latest fund’s widely reported $5.5bn target.
An SEC filing registered in July last year showed the firm had pulled in at least $3.6bn from 66 investors for the vehicle.
Louisiana’s $11bn-managing state pension fund agreed to commit up to $50m for the fund in August 2017.
Insight managing director and founder Jeff Horing said, “The closing of Fund X is a historic moment in Insight Venture Partners’ 20-plus year history, demonstrating continued confidence by our global investors in our ability to invest in industry-leading software companies.”
One of the key investment areas of the firm is the FinTech space, having completed up to eight deals in the space this year alone. Last month, the firm made a $20m growth investment into digital mortgage platform SimpleNexus.
Another recent deal from Insight was a lead contribution to the $200m round of Oregon-based Jama Software. The product development company helps companies establish a Predictive Product Development process to mitigate risk, improve quality, identify opportunities and decrease time to market, all whilst staying compliant with regulations.
The private equity and venture capital investor also recently announced promotion of three new managing directors and four new principles.
Founded in 1995, the firm has over 150 current portfolio investments, has managed more than 225 M&A transactions and was involved in over 40 IPOs.
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