Investcorp Technology Partners has raised $400m for the final close of its fourth fund, as it set its sights on tech businesses driven by “global megatrends”.
The firm is set to tap the fund to invest between $25m and $50m in founder-owned companies in Europe. ITP typically backes lower mid-market technology companies in the data/analytics, IT security, FinTech/payments and internet/mobility sectors.
Investcorp has previously backed FinTechs such as online payment provider Skrill and analytics-based arrears management platform TDX.
Fund IV secured capital commitments from investors such as HarbourVest, Nationwide Pension Fund, Unigestion and Harry-Anna Investment Fund.
ITP managing director and head of private equity Gilbert Kamieniecky said, “We greatly appreciate the support we have received from our investors in making this a successful fundraising. The fund is focused on investing in market-leading technology businesses whose potential growth is driven by global megatrends.
“To date we have already successfully sourced and executed five deals for ITP Fund IV and look forward to applying our experience, derived from our 20-years of experience investing in the European technology market, to deploy further capital in proprietary investments.”
The firm recently closed its fourth deal through the fund through the buyout of HR software provider, Softgarden. ITP has also backed cloud services company Calligo, online SME services marketplace Ageras and student safety and classroom and network management software provider Impero.
ITP has also agreed to invest in enterprise software and sensor platform SmartSpac. The deal is expected to close by the end of the year, subject to relevant regulatory approvals.
Investcorp has raised over $1.5bn for mid-market tech investing since 2001.
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