Spectrum Equity Investors is in the market with its sixth fund, according to a regulatory filing. Principal Benjamin Spero said the fund held a first close in Q4 of last year, comments he made at yesterday’s Gridley Conference at the Essex House in New York. A liveblog of that conference is available here.
Spero declined to comment further and his colleagues didn’t return calls asking the size of the first close. However, according to the filing, the fund has a $1.25 billion target. That’s not a big leap from its prior fund, a $1.2 billion pool that closed in 2005.
Here’s what I could could find on the performance of Spectrum’s prior funds as of year-end 2007. Colorado PERA Co invested $25 million in fund three, a 1999 vintage. It’s 99% drawn down with a -1.71% IRR. The firm re-upped in 2000 for fund four and has earned a 10.83% IRR.
The firm was founded in 1994 by Brion B. Applegate, and William P. Collatos, both formerly of TA Associates. Spectrum’s funds have been described as both “multi-stage venture” and “buyouts.” The firm invests in mid-market companies in the software, media, entertainment, financial technology, business services, and information services industries.