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Laxman Pai, Opalesque Asia: Canadian private equity manager Novacap has closed buyout fund Novacap TMT VI at $1.9 billion, making it the largest fund raised by the firm to date.
The closing well exceeded the fundraising target of $1 billion. The total includes significant commitments from Novacap's partners and employees as well as from the Novacap Executive Fund.
The investor base for TMT VI includes sovereign wealth funds, public and corporate pension plans, insurance companies, endowments and foundations, family offices, and advisory firms. Investors include the $65.4 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.
Pascal Tremblay, President, CEO, and Managing Partner of Novacap said: "The successful closing of TMT VI continues the strong momentum in all our verticals: TMT, Industries and Financial Services. The Novacap franchise has never been stronger, and we are grateful for this momentum as we enter our fifth decade. Just as we have done throughout our history, TMT VI will seek to invest in growing, market-leading businesses led by talented entrepreneurs seeking a value-added partner to accelerate growth."
The fund invests in technology-related businesses, such as business services, e-commerce, internet infrastructure, and software. TMT VI will be led by partners Pascal Tremblay, Stéphane Tremblay, François Laflamme, Ted Mocarski, Eric Desrosiers, and David Lewin and supported by investment and operations teams wit...................... To view our full article Click here
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