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Spectrum Equity pulls in $1.5bn for ninth fund

Monday, May 25, 2020

Laxman Pai, Opalesque Asia:

US-based Spectrum Equity has raised a $1.5 billion new fund - Spectrum Equity IX - to invest in startups that are in their growth stage.

The growth equity firm providing capital and strategic support to innovative companies said in a press release that it also closed its second Discretionary Overage Program at $150 million, enabling the firm to pursue larger transactions or follow on investments opportunistically.

The firm focuses exclusively on investments in internet-enabled software and information services companies.

Its last fund, in 2017, raised $1.25 billion. The new fund will be used to make more growth-stage investments, writing checks from $25 million to more than $150 million, said Ben Spero, a managing director at Spectrum.

Similar to Spectrum's prior funds, Fund IX will provide capital to companies with proven, scalable business models and which exhibit high growth with persistent customer relationships.

Spectrum makes growth equity investments ranging in size from $25 million to $150-plus million in a mix of control and minority transactions.

The firm is led by Vic Parker, Chris Mitchell, and Ben Spero. "We deeply appreciate the continued support from our investors. We believe the strong demand for Fund IX reflects confidence in our commitment to proactive origination, our focus on resilient, highly recurring revenue businesses, and the ability to produce distinctive returns over many cycles. And in ......................

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