Great Hill continues fund-raising

Boston-based Great Hill Partners has raised more than $1 billion for its fourth fund.

The firm had raised $920 million earlier this summer for the fund and has a $1.25 billion target, according to regulatory filings.

The new fund is larger than the $750 million it raised in 2006 and received a $25 million commitment from the Pennsylvania State Employees’ Retirement System earlier this summer.

The firm focuses on education, business services, media, information, technology and communications and raised $182.5 million of its $1 billion from sources outside the United States.

Managing partners listed on the fund include John Hayes, Christopher Gaffney and Matthew Vettel. Firm co-founder Stephen Gormley is not listed on the firm’s latest filing and said in an email that he is no longer actively involved with the firm.

The firm’s annual meeting is scheduled for Sept. 24 at the Boston Ritz-Carlton hotel. —Alexander Haislip