Software and digital media-focused buyout house Spectrum Equity is fast approaching $1bn for Fund VII after flying past its initial target.
AltAssets revealed in April that the firm was back on the fundraising trail targeting $800m, but an updated filing with the US securities regulator shows the firm is now eyeing up to $1bn after pulling in more than $950m of commitments.
Investments have come via 80 LPs, the filing adds.
Boston-based Spectrum focuses on profitable companies in internet and digital media, software and information services sectors and aims to make investments of between $25m and $100m.
Its sixth fund raised significantly less than the latest vehicle, closing on $680m in 2010. Both are smaller than the $1.2bn that the firm managed to harvest in 2005 as LP appetite increased in the run-up to the buyout boom.
Earlier this year Spectrum led a $49m financing round for video advertising management business Extreme Reach.
Other companies on its portfolio include Ancestry.com, Geneva Technology and iPay Technologies.
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