(Bloomberg) — Insight Partners, the technology-focused investment firm, is in talks to raise a new $20 billion flagship fund just months after collecting the same amount for a predecessor vehicle, people with knowledge of the matter said.
The New York-based company, which invests in technology, software and internet-based businesses, has begun early-stage discussions with prospective investors for its 13th fund, said the people, who asked not to be identified as the talks are private.
An Insight representative declined to comment.
The firm closed closed its last $20 billion fund, Insight Venture Partners XII LP, in February and still has about $11.3 billion of dry powder, according to data compiled by Bloomberg. The fundraising efforts come at a tumultuous time for the technology industry, with companies that had grown into behemoths in the last couple of years taking valuation cuts.
Read More: Klarna Discussing Valuation Cut to $6 Billion From $45.6 Billion
Insight had backing from institutional investors including California Public Employees’ Retirement System, New York State Common Retirement Fund for its last fund. 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. The firm has made bets in the past on tech stalwarts including Twitter Inc.
Insight is led by co-founder Jeff Horing and managing director Deven Parekh.
(Updates throughout)
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
