Insight Partners amasses $20bn for latest mega-fund haul

The software specialist has raised at least $8bn more than its initial target for Fund XII, meaning the vehicle is already more than twice the size of its 2019-vintage predecessor.

Insight Partners is set to gather its largest-ever flagship fund, during a year marked by accelerated fundraising cycles and ever-larger fund sizes.

The New York-based firm has raised around $20 billion for Insight Partners XII, according to two sources with knowledge of the fundraise. The figure is roughly $8 billion more than its original target.

The firm has not yet held a final close on the vehicle, PEI understands.

Insight began raising capital for Fund XII in February and has received commitments from investors including the California Public Employees’ Retirement System, which committed $600 million, Cathay Life Insurance, Fubon Life Insurance, China Life Insurance and Alaska Retirement Management Board.

Fund XII is already roughly double the size of its 2019-vintage predecessor, which held a $9.5 billion final close in April last year.

Insight Partners has over two decades of experience in software investing and has received more than $30 billion of capital commitments. It has invested in more than 400 companies and completed more than 200 M&A transactions for its portfolio companies, according to its website. The firm has backed the likes of social media giant Twitter, Canadian e-commerce site Shopify, website builder Wix, enterprise event management platform Cvent and data and analytics platform Qualtrics.

The firm also led the $125 million Series C funding round of digital fundraising platform Moonfare this month.

Similar to previous vehicles, Fund XII will invest in start-ups and fast-growing software companies globally, with investments typically between $10 million and $350 million.

Insight Partners’ latest haul adds to the $535 billion raised by private equity firms in the first nine months of the year, according to PEI’s third-quarter fundraising report. A total of 3,298 funds are targeting $797 billion between them as of end-September.

Insight declined to comment on the fundraise.