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Technology-focused private equity firm Accel-KKR closes fund on $600m09/09/2008. Source: AltAssets. 
 Technology-focused private equity firm Accel-KKR has closed its third private equity fund, Accel-KKR Capital Partners III, on its hard cap of $600m. The fund had an initial target of $450m.
Investors include college and university endowments, corporate pension plans, foundations, insurance companies, investment advisors, state and government retirement systems and family offices. All of Accel-KKR's investors from its previous fund committed to AKKR III, the firm said in a statement.
Tom Barnds, managing director, AKKR, said, 'Our successful fundraising, accomplished in a challenging market environment, is a validation of the strong results we have delivered to our investors over the years. We are very pleased with both the support we have received from our existing investors, as well as the calibre of the new investors who have committed to AKKR III. We look forward to continuing to deliver very attractive returns to our investors through the development of highly productive partnerships with great management teams in the mid-market technology space.'
The new fund will continue the firm's strategy of focusing on growth-oriented mid-market technology companies, across segments including software, internet technologies and IT-enabled services, targeting companies with revenues between $15m and $150m.
The final closing of AKKR III brings Accel-KKR's assets under management to over $1bn.
Earlier this year Accel-KKR backed the launch of software and services-focused private equity firm M2 Technology Partners.
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