Longworth Venture Partners has raised $122 million toward its $180 million proposed third fund, according to a regulatory filing.
The Waltham, Mass.-based early stage firm has also raised $1.5 million of a proposed $10 million fund called Longworth Advisors III, documents show.
Longworth hit the fund-raising circuit last year and has already surpassed the size of its $119 million 2003 vintage second fund.
The firm used its previous fund to invest in 25 information technology companies, 10 of which it has sold, according to Thomson Reuters (publisher of PE Week).
Longworth invested in email marketing company Constant Contact, which went public in October 2007 and returned more than 10x to the investors in Longworth’s first fund. Longworth had owned 9.8% of the company prior to its IPO.
The firm recorded two exits this year. It sold McLean, Va.-based Brabeion Software Corp., an IT security risk management software maker which had raised $10 million from investors, to Overland Park, Kan.-based Archer Technologies for an undisclosed amount. It also sold Maynard, Mass.-based Tizor Systems, a data auditing company that had raised $26.6 million from investors, to Netezza for an undisclosed amount.
Longworth’s partners include Nilanjana Bhowmik, John Lawrence, Paul Margolis, Peter Roberts and Jim Savage. —Alexander Haislip