Vector Capital
is about to bust its target, with plans to close on just over $1 billion within the next few weeks for its fourth fund. A regulatory filing shows that the San Francisco-based firm, which specializes in recaps and buyouts of tech companies, had secured more than $691 million, as of June 7.
The firm closed its prior fund with about $350 million in 2004, and decided to bulk up after more and more of its deals required large co-investments from limited partners. For example, Vector provided a $60 million equity check when taking Corel Corp. private in August 2003, but only $20 million came from Vector’s fund.
Oregon Investment Fund receives $50M
The Oregon Investment Fund raised $50 million from the Oregon Public Employees’ Retirement Fund. Combined with Credit Suisse’s commitment, the investment from the retirement fund brings the total available capital in the Oregon Investment Fund to $156 million.
The Oregon Investment Fund is managed by Credit Suisse’s Customized Fund Investment Group and is overseen by the Oregon Investment Council. Venture funds that raise capital from the Oregon Investment Fund are required to invest primarily in Pacific Northwest-based companies.
Insight boosts staff as fund VI closes
Insight Venture Partners
has closed its sixth fund with $1.25 billion in capital commitments. The New York-based firm focuses on control and minority investments in the software and Internet services market, and it closed its prior fund with $675 million in 2005.
Additionally, the firm has appointed five professionals to the position of managing director. They are Ben Levin and George McCulloch on the transaction team; Hilary Gosher and Nikitas Koutoupes on the “value-creation” team and Blair Flicker, the firm’s chief compliance office.
North Bridge Growth Equity
has closed its debut fund with $545 million, after busting through its $500 million target.
The group was formed last fall by early stage veteran North Bridge Venture Partners of Waltham, Mass. At the time, NBGE’s team only included former Advent International Partners Doug Kingsley and Mike Pehl. The pair is sharing the title of managing general partner, and are now joined by Principals Roshen Menon (formerly an associate with Summit Partners); Russell Pyle (previously a partner with M/C Venture Partners); Daniel O’Keefe (formerly senior vice president with Pequot Ventures); and Meg Riley (who was associate with Advent International).
The Growth Equity group will invest between $20 million and $50 million of equity in tech and tech-enabled companies that have annual revenue of between $10 million and $300 million. It hopes to lead or co-led in first institutional rounds that sometimes include leverage, with capital used to provide liquidity to current shareholders, enable growth and fund acquisitions.
ARCH takes aim at $400M
ARCH Venture Partners
plans to raise up to $400 million for its seventh fund, according to a filing with the Securities and Exchange Commission. The firm raised more than $355 million for its prior seed stage fund in 2003.
If successful, fund VII would be the firm’s largest fund to date, topping its largest $380 million fifth fund, which closed in 2001.
ARCH, which has offices in Chicago, San Francisco, Seattle and Austin, Texas., primarily invests in life sciences, physical sciences and information technology startups.
Primus Capital primes itself for $250M
Cleveland-based Primus Capital Funds is seeking $250 million for its sixth fund, which has a cap of $300 million, according to VentureWire.
Fund VI LP will focus on growth-oriented and late stage investments in the communications, health care, education and business services sectors. The firm raised $283 million for its prior fund in 2000.
The Ohio School Employees’ Retirement System recently approved up to $25 million to the fund. Past limited partners in Primus funds reportedly include Fifth Third Bank, Michigan Department of Treasury, Ohio Police and Fire Pension Fund, Ohio State Teachers Retirement System and Case Western Reserve University.
Frazier targets $600M
Frazier Healthcare
Ventures plans to start marketing fund VI near the end of the year with a target of $600 million, according to Private Equity Insider. The Seattle-based firm raised $475 million for fund V in 2004.The firm, founded in 1991, makes venture and growth capital investments in the biopharma, medical device and health care service sectors.
Gores Group raises $1.3B
The Gores Group
last week announced the closing of its second private equity fund, Gores Capital Partners II, with commitments of $1.3 billion. The firm raised $400 million for its first fund, which closed in 2003.
The Los Angeles-based firm, which also has offices in London and Boulder, Colo., makes control buyout investments of companies, primarily in the tech, industrial, telecommunications and services sectors.
Founder and Chairman Alec Gores told the Los Angeles Times that the firm plans to invest mostly between the range of $50 million to $150 million on buyout deals, with some deals as high as $250 million or more. Gores sees an opening as Kohlberg Kravis Roberts & Co., The Blackstone Group and other buyout titans, which are increasingly involved in mega deals of several billion dollars, or more.
“There’s a void that’s been in the under-$500-million check size,” the firm says.
Falconhead soars to $290M
Falconhead Capital
has closed its second buyouts fund with $290 million, including a discretionary co-investment fund with $35 million. The New York-based firm, f.k.a. Sports Capital Partners, raised $214 million for its previous fund in 1998. The firm focuses on mid-market private equity opportunities in the consumer, leisure and lifestyle sectors.
DLJ raising South American funds
DLJ Investment Partners
, an affiliate of Credit Suisse, is marketing both a mezzanine fund and a South American buyout and growth equity fund, according to LBO Wire. The mezz vehicle has secured at least $1.3 billion, although no target or cap was reported. The South American fund is targeting $200 million, and will focus on Argentina, Brazil and Chile.
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