American private equity house Great Hill Partners has hit a $2.5bn hard cap final close for its seventh growth buyout fund.
The oversubscribed fund was initially targeting $2bn, but was able to surpass this amount after just five months on the road.
Great Hill is set to tap the fund to invest in middle market B2B and B2C companies in sectors such as software, FinTech, HealthTech, digital media, eCommerce and internet infrastructure. The firm typically targets deals valued between $40 and $250m.
Great Hill hit a $1.5bn hard cap final close for its sixth flagship fund in January 2017, after four months of fundraising.
“We are honored and grateful for the strong support we received from our existing investors and a select group of new limited partners,” managing partners Christopher Gaffney, Michael Kumin, Mark Taber, and Matthew Vettel said in a statement.
“Over more than two decades as a growth investor, we have developed deep sector expertise through rigorous research and a commitment to proactively building long-term relationships with best-in-class, high growth businesses.
“We look forward to continuing to execute on this strategy while serving as a preferred partner to entrepreneurs and leadership teams as they accelerate growth and scale their companies.”
Great Hill has raised $7.7bn of capital commitments since launching in 1998 and over the last 12 months, the firm has exited a number of investments such as PlanSource, ChromeRiver, ZoomInfo, Ascenty and The Shade Store.
Last month, the firm exited its secure audit services provider, Confirmation, to trade-buyer Thomson Reuters.
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