New York-based venture capital firm Insight Venture Partners has held a final close on its fifth fund with $675 million (€547 million) in total commitments.
According to Deven Parekh, a managing director of the firm, the fund’s original target was $525 million. Insight, which focuses on investments in the software and Internet services industries, closed its previous fund on $740 million in 2001.
Limited partners in Insight Venture Partners V include Goldman Sachs, HarbourVest Partners and Pantheon Ventures, all of whom previously invested with the firm according to Parekh. He added that Fund V attracted approximately twenty new investors out of a total institutional investor base numbering in the mid-forties.
“Part of our strategy was diversifying the base into more pension and endowment money, which we hadn’t tapped before,” notes Parekh.
Founded in 1995, Insight currently has more than $1.5 billion of capital under management. Robert Rubin, former Secretary of the Treasury in the Clinton Administration and current chairman of the Executive Committee of Citigroup, is a special limited partner of the firm.