Boston-based Spectrum Equity Investors has launched its seventh private equity fund and is targeting $800 million, according to documents filed with the US Securities and Exchange Commission Tuesday.
Spectrum declined to comment.
The fund has a $1 billion hard-cap according to Private Equity International’s research and analytics division. Spectrum’s sixth fund closed in 2010 on $680 million.
The group focuses its investment on the media, communications, entertainment, information technology, information and business services, and related growth sectors. It targets $25 million to $100 million investments in companies based in North America and Western Europe. Portfolio companies have included Ancestory.com, Grubhub, and more recently, Passport Health, which it sold to Experian PLC for $850 million.
In previous funds, Spectrum has attracted institutional investors that include Massachusetts Pension Reserves Investment Management (Massprim), CalSTRS, and Hawaii’s Employees’ Retirement System (Hawaii ERS).
In May, Spectrum invested C$60 million (€40 million; $55 million) for a minority stake in Canadian fraud detection and anti-money laundering software Verafin. The deal was the largest growth investment in a Canadian company this year. With Verafin, Spectrum Equity VI is more than 80 percent invested, PEI reported at the time.