New Tech Fund Draws Commitments – Exclusive

MR Investment Partners recently launched the MR Technology Fund and is moving toward its goal of $750 million, having already received some major pledges from limited partners, including a couple sovereign wealth funds, Buyouts has learned. The firm anticipates a total of 40 LPs commit to the vehicle, half of which are expected to be U.S.-based institutions like funds of funds and family offices.

The fund, launched in December, is earmarked for investments in revenue-generating information technology businesses in areas that will likely see rapid growth and thus need expansion capital and management expertise. Sectors of interest include storage software, payment systems, communications technology, software as a service, security software and mobile digital media.

Co-founder Richard McGinn previously was the chairman and CEO of Lucent Technologies, served as the president and CEO of AT&T’s Network Systems Group and was a partner at RRE Ventures, a technology investment firm. Co-founder Christopher Roden previously served as the managing director and global market manager for Citibank in the Middle East and North Africa.

The New York-based shop was founded in 2008. The firm did not respond to questions for this story.