- CVC targets $750 mln for tech investments
- Fund is led by former Welsh Carson GP John Clark
- Michigan commits $95 million to PE
CVC reportedly set a $750 million target for CVC Growth Partners. The fund will invest in smaller, growth-oriented technology companies in the software-as-a-service, infrastructure, payments and business services sectors, according University of Michigan documents.
Last year, CVC hired former Welsh, Carson, Anderson & Stowe General Partner John Clark to expand its growth equity strategy. The development of a growth equity platform represents a departure from CVC’s traditional private equity strategy, which tends to focus on larger buyouts. CVC closed its last flagship fund on $15 billion in 2013.
CVC could not be reached for comment.
In addition to its commitment to CVC, University of Michigan committed to three other private equity funds last year. The $9.9 billion endowment committed the following amounts:
- $35 million to Francisco Partners’ fourth fund, which closed on $2.875 billion in February;
- $25 million to Advent International’s sixth Latin America fund, which closed on $2.1 billion in November; and
- $5 million to a co-investment fund managed by Dyal Capital Partners.
The University of Michigan Board of Regents had a 12.5 percent allocation to private equity as of Dec. 31, according to meeting materials. The portfolio is valued at $1.2 billion.