Spectrum Equity, a Boston, MA- and San Francisco, CA-based growth equity firm, closed a Spectrum Equity IX L.P. at $1.5 billion.
In addition, Spectrum closed its second Discretionary Overage Program at $150m, enabling the firm to pursue larger transactions or follow on investments opportunistically.
The firm focuses exclusively on investments in internet-enabled software and information services companies.
Similar to prior funds, Fund IX will provide capital to companies with proven, scalable business models and which exhibit high growth with persistent customer relationships.
Spectrum makes growth equity investments ranging in size from $25 million to $150-plus million in a mix of control and minority transactions. It is the lead investor in capital efficient companies operating in industry verticals.
The firm is led by Vic Parker, Chris Mitchell and Ben Spero.