Spectrum Equity Management closed its latest growth equity fund, Spectrum Equity VIII, at its hard cap of $1.25 billion, surpassing the fund's $1 billion target, said David Isaacs, spokesman, in an email.
The fund will make control and minority investments in information services, software and Internet companies. The previous fund closed at $1 billion in 2014.
Investors in the fund include $27.8 billion Texas County & District Retirement System, Austin.
At the same time, the firm announced it was promoting Adam Margolin to managing director from principal.