Meritech closes late stage Fund V on $500 mln


Meritech Capital Partners has closed its fifth fund, Meritech Capital Partners V LP, on target at $500 million, according to an SEC filing. A sidecar vehicle, Meritech Capital Partners V Sidecar LP, has raised $65 million, according to the filing, but it is unclear what those funds will be used for.

PeHUB reported in June that Palo Alto, California-based Mertitech had hit the market with Fund V. The Pennsylvania State Employees’ Retirement System made a $25 million commitment to the fund last month, according to the pension system.

Fund IV was generating a 28 percent and 1.5x multiple as of December 31, 2013, according to performance information from the California Public Employees’ Retirement System. This was up from a 21.3 percent internal rate of return and a 1.28x multiple as of Sept. 30, 2013, the previous quarter.

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