Spectrum holds final close on $1.25bn hard-cap

Spectrum simultaneously announced the closing of Discretionary Overage Program, a pooled investment vehicle that will be used as a top-up fund to pursue larger tickets and provide follow-on capital.

The GP will make growth investments ranging from $25m up to more than $100m. It has the flexibility to take majority and minority positions.

It has also promoted Adam Margolin to managing director and Leah Palmer to general counsel.

Spectrum Equity VII closed on its $1bn hard-cap in July 2014, surpassing its $800m target. The investor now employs 36 investment professionals for a portfolio of 24 active companies.

Investors
Spectrum said a significant majority of commitments came from investors that backed prior funds; several of these LPs have been investing with the firm for 20 years. LPs in previous Spectrum funds include Abbey National, LGT Capital Partners, Missouri's school and education pension fund and the Washington State Investment Board.

Texas County & District Retirement System took a $50m stake, according to publicly available documents.

Investments
The firm's investment strategy is unchanged for the new fund, according to a statement. It will take majority and minority stakes in information services and internet companies globally.

Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Digital Marketing Institute, GoodRx, Grubhub, Jimdo, Lynda.com, SurveyMonkey, Teachers Pay Teachers and Verafin.

People
Spectrum Equity – Adam Margolin (managing director); Leah Palmer (general counsel).

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