Edison closes its biggest fund to-date on $275m

The growth equity firm drew in commitments from LPs such as New Mexico Educational Retirement Board.

Edison Partners held a final close of its latest growth equity fund, Edison Partners VIII, on $275 million, surpassing its $250 million target, the firm said.

A spokeswoman told Private Equity International fundraising began in January 2015 and targeted a final close for April, but kept the fundraising open an extra few months.

This is the biggest investment vehicle to-date for the firm. Edison, which was founded in 1986, drew in commitments from limited partners such as New Mexico Educational Retirement Board, Hirtle Callaghan, ORIX Ventures and The Honeywell Pension, the firm said.

According to the firm’s April 2015 filing with the US Securities and Exchange Commission, the fund received advising from CV Brokerage and Edgeline Capital Partners.

The fund targets companies in the financial technology, healthcare information technology, marketing technology and enterprise software sectors with $5 to $20 million in revenue. It has so far invested in cloud-based software company All Traffic Solutions, trading software Clearpool Group, media analytics provider iQ media, data analytics provider Jornaya, marketing company Terminus, advertising platform TripleLift, investment management portfolio analysis software Solovis and health management platform Virtual Health, the firm said.

The previous fund, Edison Partners VII, raised $249 million in 2011, according to PEI Research & Analytics. Documents from Omaha School Employees’ Retirement System indicate the pension committed $5 million to that fund.

Since founding, Edison has invested in more than 200 companies and has completed 154 exits, according to the firm, which has 43 companies in its current portfolio.

The New Jersey-based firm manages over $1 billion in assets, it said.