Growth capital investor North Bridge Growth Equity has held a final close of over $580m for its second fund, bringing the firm’s capital under management to more than $1.1bn.
The final close came three months after North Bridge launched the fund, which follows its $547m vehicle raised in 2007, when North Bridge Venture Partners created its growth team.
The new fund, North Bridge Growth Equity II, will invest in private technology companies that are entrepreneur owned and managed with revenues of “tens of millions”.
North Bridge Growth Equity managing director Doug Kingsley said, “Our investment strategy remains the same, along with the team and the fund size.
“Plus, with the natural synergy we enjoy with our venture arm, we are confident in our ability to identify and partner with exceptional management teams of leading growth companies to take them to new levels of revenue, profitability and governance.”
North Bridge, which also targets seed and early-stage venture capital deals, last entered the fundraising market more than five years ago by closing its $529m seventh venture fund.
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