Francisco Partners closed its latest opportunistic fund, FP Credit Partners II, at its $2.2 billion hard cap a year after raising the first fund in the series, said spokeswoman Kate Sylvester in an email.
The new fund exceeded its original $1.25 billion fundraising target and is nearly three times the size of its 2020 predecessor, the $750 million FP Credit Partners fund. The fund closed in two quarters.
All institutional investors that invested in the first credit fund also made commitments to FP Credit Partners II, Ms. Sylvester said.
Francisco Partners specializes in investing in technology and technology-enabled businesses.
"Technology is no longer a standalone sector. It is disrupting every industry and market, and we believe there is an incredible opportunity to support this growth across a range of financing needs," said Dipanjan "DJ" Deb, co-founder and CEO of Francisco Partners, in a news release.
Investors in the fund include the $157.9 billion State of Wisconsin Investment Board, Madison; New Jersey Division of Investment, which manages investments for the $94.4 billion New Jersey Pension Fund, Trenton; and $17.8 billion Ohio School Employees Retirement System, Columbus.