Investcorp Technology Partners has closed its third fund with $500 million in capital commitments, with a focus on buyouts of small- and mid-sized technology companies. It had closed its second fund with $300 million in 2005. Limited partners include CalPERS, Cornell University, the Doris Duke Charitable Foundation, QVT Financial, Broward Health, AlpInvest Partners, Bank of Scotland, CNP Assurances SA and UBS Sauerborn.
Investcorp Technology Partners (ITP), a buyout investor in growing, small- and medium-sized technology businesses, today announced the closing of its Investcorp Technology Partners III, L.P. (ITP Fund III), with $500 million in total committed capital. ITP's total accumulated assets under management today stand at more than $1 billion.
ITP Fund III, which had an original target of $400 million, was well oversubscribed and exceeded the $300 million total capital committed to Investcorp Technology Ventures II, L.P., ITP's second fund, which closed in 2005. ITP Fund III received strong support from a diverse group of institutional, individual and family trust investors globally in addition to a significant financial commitment from Investcorp. In the United States, investors included Grove Street Advisors for the California Public Employees' Retirement System (CalPERS), Cornell University, the Doris Duke Charitable Foundation, QVT Financial LP and Broward Health; in Europe, investors included AlpInvest Partners, Bank of Scotland, CNP Assurances SA and UBS Sauerborn. ITP's own team committed more than $11 million to the fund.
Investcorp Technology Partners focuses on three types of transactions