(Bloomberg) — Insight Partners, the technology-focused investment firm, is in talks to raise a new $20 billion flagship fund just months after collecting that amount for a predecessor vehicle, according to people with knowledge of the matter.
The New York-based company, which seeks to make bets on fast-growing technology, software and internet-based businesses, has begun early-stage discussions with prospective investors for its 13th fund, said the people, who requested anonymity as the talks are private.
An Insight representative declined to comment.
Insight said in February it closed on $20 billion for its 12th flagship vehicle, Insight Venture Partners XII LP, and that it typically invests between $5 million and $500 million in its companies, reflecting its ability to bet on early-stage startups as well as more mature companies through leveraged buyouts.
California Public Employees’ Retirement System, New York State Common Retirement Fund, Commonwealth of Pennsylvania Public School Employees’ Retirement System and the Texas Municipal Retirement System invested in that fund, data compiled by Bloomberg show.
It has about $11.3 billion of dry powder remaining, according to the data.
The firm, which has more than $30 billion in capital commitments, counts FTX, Fanatics, HelloFresh, Calm, N26 and Delivery Hero among its current portfolio companies, its website shows.
Its prior bets include Twitter Inc., Shopify Inc., Qualtrics International Inc., Cvent Holding Corp. and Pluralsight Inc.
Insight’s fundraising efforts come at a tumultuous time for closely held technology companies, many of which are facing valuation resets following steep declines in the shares of publicly traded peers.
The firm is led by executives including co-founder Jeff Horing and managing director Deven Parekh.
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