Novacap Raises $840M For Fifth TMT Fund

Jul 20 2017 | 10:39pm ET

Canadian private equity company Novacap has raised $840 million in capital commitments for its fifth buyout fund, hitting the hard cap. Limited partners in the new vehicle include global public and corporate pension funds, insurance companies, endowments, foundations, family offices, and individual investors.

The new fund, named NOVACAP TMT V, surpassed its target size by 40%, the company said in a statement and is Canada’s largest private equity fund focused on the Technology, Media and Telecom (TMT) sector. It will invest in software, business and financial services, internet infrastructure, e-commerce, and industry-specific technology solutions in the energy, healthcare and other vertical markets. 

Equity investments are expected to range from $20 million to $100 million in order to support companies with organic growth initiatives and drive strategic acquisitions, Novacap added.

Founded in 1981, Montreal-based Novacap has raised more than $2.6 billion in capital since its inception and has $2.26 billion in assets under management. The company raised $375 million for its fourth TMT fund in May 2014. 

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