North Bridge closes Growth Fund II at $582 mln

Firm: North Bridge Growth Equity

Fund: North Bridge Growth Equity II

Amount Raised: $582 million

Placement Agent: None

Waltham, Massachusetts-based North Bridge Growth Equity was formed in 2007 as a later-stage investing affiliate of North Bridge Venture Partners, which is based in Palo Alto, California. The growth equity team is led by a team of four general partners — Matt Blodgett, Doug Kingsley, Mike Pehl and Russ Pyle. The roster of investing pros also includes five principals and eight associates

With the conclusion of the new fund, North Bridge Growth Equity has total capital under management of more than $1.1 billion, the firm announced.

North Bridge Growth Equity focuses on privately held, technology and tech-enabled businesses that are entrepreneur owned and managed, most often in the communications and infrastructure, software, materials, healthcare and digital media sectors, according to its website. The firm seeks investments in companies with $15 million to $300 million in annualized revenue, and it typically writes checks of $15 million to $75 million as either a minority or majority investor.

North Bridge launched its first venture fund in 1994. Today the firm has more than $3.2 billion in total capital under management.