Insight Partners seeks $17bn for latest flagship fund

Insight Partners is seeking at least $17 billion for its 13th flagship fund, roughly in line with the amount closed on its predecessor in 2022.

Many managers raising new funds are facing LPs constrained by overallocations to private equity and shrinking distributions. This has resulted in managers breaking away from the cycle of looking to raise more with each new fund.

Insight XIII’s $17 billion target was revealed at a Pennsylvania Public School Employees’ Retirement System informational investment meeting held on June 1. Buyouts watched a broadcast of the meeting.

Insight Partners also registered a co-investment fund connected to Insight XIII with the SEC, documents show. No information on the target size for the co-investment was made available.

Insight XII raised $17.2 billion and closed in 2022, with a connected side vehicle raising close to $3 billion, according to Buyouts’ database.

PA Teachers is considering making an $80 million commitment to Fund XIII, with a possible $50 million follow-on investment. The system’s investment committee is considering the commitment at its June 8 meeting.

PA Teachers approved up to $150 million to Insight Partners XII and $50 million to a possible follow-on vehicle in 2021, according to board documents. The system previously committed $444 million across three other Insight Partners funds and two co-investments.

The $75 billion system pulled a recommended commitment to Fund XIII before its December 2022 board meeting.

Insight Partners registered its 13th flagship and co-investment funds in August 2022. To date, the 13th fund has received only one known commitment, which was an $80 million investment from Taiwan’s Cathay Life Insurance.

Fund XIII’s SEC documents reveal that Insight Partners is using a host of placement agents for fundraising across the globe, including Evercore, New York’s Sparring Partners Capital, Fund Placement Israel, Tokyo’s Mitsubishi UFJ Financial Group and Chile’s HMC Itajuba.

The manager describes itself as a global software investor. Investments touted on its website include Twitter, Shopify, HelloFresh, DocuSign and Calm.

Insight Partners did not return a request seeking comment by press time.