North Bridge Growth Equity has closed its debut fund with $545 million, after busting through its $500 million target.
peHUB broke news on the group last fall, when it was formed by early-stage veteran North Bridge Venture Partners. At the time, NBGE's team only included former Advent International partners Doug Kingsley and Mike Pehl. The pair is sharing the title of managing general partner, and are now joined by principals Roshen Menon (formerly an associate with Summit Partners), Russell Pyle (partner with M/C Venture Partners), Daniel O'Keefe (senior vice president with Pequot Ventures) and Meg Riley (associate with Advent International).
It will invest between $20 million and $50 million of equity into tech and tech-enabled companies that have annual revenue of between $10 million and $300 million. It hopes to lead of co-led in first institutional rounds that sometimes include leverage, with capital used to provide liquidity to current shareholders, enable growth and fund acquisitions.