Great Hill Partners raises $2.7bn

The US-based private equity firm closes seventh growth equity fund at hard-cap.

Great Hill Partners has held a first and final close for Great Hill Equity Partners VII at its $2.5 billion hard-cap, surpassing the target of $2 billion which was set when the fund launched in February. Capital raised for Fund VII will be used to acquire, recapitalise and expand mid-market companies.

The University of Houston System, Alameda County Employees’ Retirement Association, San Mateo County Employees’ Retirement Association and Tennessee Consolidated Retirement System are among the investors in the fund.

Great Hill Equity Partners VI closed at $1.5 billion in January 2017.