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CVC racks up $1.6 bln for second growth fund

CVC Capital Partners has closed its second growth fund at $1.6 billion, beating its $1 billion target.

CVC Growth Partners Fund II will invest in middle-market companies in the software and technology-enabled business services sectors. The fund’s investor base is spread across North America, Europe, the Middle-East and Asia.

In February 2016, CVC raised $1 billion for its inaugural growth fund, sweeping past its $750 million target. No fund performance data was available.

Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. It primarily targets equity investments between $50 million and $200 million.