Spectrum Equity Investors raising new fund

April 20, 2014: 1:56 PM ET

Boston-based private equity firm plans to seek around $800 million for its seventh fund.

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FORTUNE -- Boston-based private equity firm Spectrum Equity Investors is heading back to market to raise its seventh fund, Fortune has learned. The target is $800 million with a $1 billion hard cap, although formal marketing documents have not yet been printed.

The firm focuses on "information economy" companies, including within the software, information services, communications and media sectors.

Spectrum last closed a fund in 2010, when it raised $680 million. Since then, the firm has generated around $3 billion in returns (including from prior funds), via such deals as Ancestry.com (IPO, then sold to Permira for $1.6 billion), Business Monitor International (acquired by Fitch Group) and Passport Health (bought by Experian PLC for $850 million). Plus, there was the recent IPO for GrubHub (GRUB), in which Spectrum sold $26 million worth of stock and retained a position that is currently valued at around $1.26 billion.

News of the Spectrum fundraise was first reported by Dow Jones. The firm declined comment, citing SEC marketing restrictions.

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