Spectrum Equity VII Speedily Closes at $1B Hard Cap
July 11, 2014
About a month after news broke that it was looking to raise $800 million for its seventh fund, Spectrum Equity has closed Spectrum Equity VII at its hard cap of $1 billion. Proskauer Rose served as fund counsel. The speed of the fundraising stands out strikingly; PitchBook data shows the average fundraising period for similar PE funds closed in 2Q 2014 was about 9.3 months. The fund is also one of the firm's largest; its predecessor clocked in at $680 million in 2011, and has logged an IRR of 9.60% as of March 31, 2014.