Insight closes 10th fund on $6.3bn

Kenny Wastell
20 July 2018

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New York-headquartered venture capital firm Insight Venture Partners has held a final close for its 10th technology-focused fund on $6.3bn.

The total is 5% more than the vehicle's $6bn target and 32% more than than the $4.75bn raised for its 2014-vintage predecessor.

Insight Venture Partners X, which was oversubscribed, held a first close on $3.6bn in July 2017. The vehicle brings the total value of Insight's funds under management to $23bn.

Investors
According to Unquote Data, the new vehicle raised commitments from public pension funds including California Public Employees' Retirement System, Greater Manchester Pension Fund, Los Angeles Fire and Police Pension System, Massachusetts Pension Reserves Investment Management Board, Pennsylvania State Employees' Retirement System and San Francisco Employees' Retirement System. It has also secured a commitment from state-backed Alaska Permanent Fund Corporation.

Investments
As was the case with its predecessors, the fund will make growth-stage investments in software, software-enabled and internet companies in Europe and the US.

Recent high profile divestments by the firm include meal kit delivery company Hellofresh, which floated with a €1.7bn market cap in November 2017, and food delivery business Delivery Hero, which floated with a valuation north of €4bn in June 2017. Both companies are based in Germany and saw Insight invest alongside Rocket Internet.

The VC also recently took part in a funding round reportedly valued at more than €100m for Irish recycling software company AMCS Group.

People
Insight Venture Partners – Jeff Horing (co-founder, managing director); Deven Parekh (managing director).