US-based growth equity firm Edison Partners closed its ninth fund at $365m yesterday having raised capital from limited partners including insurance firm American Family.
The LP list also included investment manager Hirtle Callaghan, New Mexico Educational Retirement Board, Rutgers University and fund-of-funds Renaissance Venture Capital Fund.
Edison makes investments in growth-stage companies generating $5m to $25m in revenue, targeting developers of enterprise, financial and healthcare software technology. It assesses investments using a proprietary software platform called Edison Edge.
Edison IX, which was oversubscribed from a $300m target, follows an eighth fund that closed at $276m in 2016.
Chris Sugden, managing partner of Edison Partners, said: “For more than 15 years, we have invested in the underserved part of growth equity: high-growth, capital-efficient technology companies, with revenue of $25m or less in geographies outside of Silicon Valley.
“We sized Edison IX to match our strategy, sector and company stage focus. We are very appreciative of the confidence and commitment our investors continue to share in our differentiated strategy and approach to alpha generation.”
