Dan Primack

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Twitter investor nears final close on big new fund

February 2, 2011: 10:08 AM ET

Insight Venture Partners, the New York-based late-stage and growth equity firm whose portfolio includes Twitter, recently told the SEC that it had closed on approximately $1.05 billion for its seventh fund (kudos to Connie for noticing it first).

The firm isn't commenting, natch, but a source tells me that this only represents a first close. A second close is expected later this quarter, on a bit more than the $1.25 billion that Insight raised for its sixth fund in 2007.

It is important to note that this is a general Insight fund, not the co-invest vehicle that I wrote about last September (which can provide extra capital to Fund VI and Fund VII portfolio companies).

In that piece, I mentioned that Fund VI was only 60% called down. Now I hear that it's entirely committed – including some dry powder for follow-ons – which means two things: (1) My original figure was a bit light, and (2) Insight was very busy in Q4 and the beginning of 2011.

According to CalPERS, Insight's fifth fund (2005) sported a 22.5% internal rate of return (IRR) as of June 30, 2010. Its sixth fund had a 6.4% IRR.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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