Siris collects $1.81 bln for third tech fund

Siris Capital Group LLC has closed its third tech-focused fund at $1.81 billion, beating its initial $1 billion target.

Siris III officially came to market in late September 2014.

The firm’s previous fund raised $650 million in 2012, generating an average IRR of 41.93 percent and an average multiple of 1.57x, as of September 30, 2014, according to Bison data.

As a result of this current fundraising, Siris now manages more than $2.4 billion in capital commitments. Its limited partners include pension funds, endowments, foundations, financial institutions and insurance companies.

Park Hill Group LLC was the placement agent for Siris III.

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