This Week's Fund Closings

Dec 1 2005 | 10:56pm ET

• Palo Alto, Calif.-based Technology Crossover Ventures has closed its latest venture capital fund, TCV VI, with $1.4 billion in commitments. The firm, which specializes in providing growth capital to technology companies, now has $4.7 billion in assets under management.

Wellspring Capital Management, a New York-based private equity firm, has closed its Wellspring Capital Partners IV fund with $1 billion in commitments, bringing the firm's total assets under management to more than $2 billion. According to the firm, nearly 70% of the capital raised came from limited partners who participated in the firm's previous funds, including institutional investors in the U.S., Canada and Europe. Thirty percent of the fund was reserved for new investors. Wellspring is focused on making value-oriented, control investments in the middle market, principally in North America.

• New York- and London-based Investcorp Technology Ventures has closed its Investcorp Technology Ventures II fund with $300 million in total committed capital, including a commitment of more than $8 million from ITV's own team. The fund, which focuses on venture buyouts, corporate spinouts and growth capital in the domestic and Western European technology sectors, originally had a target of $250 million.

• Private equity firm The Blackstone Group has reportedly raised $500 million for its first distressed opportunities fund. The fund is being managed by John Dionne, formerly of the Bennett Restructuring Fund, a hedge fund specializing in distressed debt. Calls to the Blackstone Group were not returned by press time. According to media reports, the firm is also in the process of closing the world's largest buyout fund with $12.5 billion.

• Los Angeles-based Aurora Capital Group has reportedly closed its Aurora Equity Partners III fund with $900 million in commitments.

General Catalyst Partners, a Cambridge, Mass.-based private equity firm, is reportedly close to closing its fourth fund with at least $365 million. General Catalyst makes investments entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries.


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