Boston-based private equity firm Great Hill Partners has closed its latest flagship fund at $7bn, surpassing its $5bn target and hitting the fund’s hard cap after just five months of fundraising, according to a report by Bloomberg.
The new vehicle, Great Hill Equity Partners IX, attracted commitments from a broad mix of global investors, including public and private pensions, sovereign wealth funds, endowments and insurers across the US, Europe, Asia and the Middle East.
The close marks Great Hill’s largest ever fundraise, bringing total capital raised by the firm to more than $19bn since its inception in 1998. The new fund will continue to target high-growth businesses in software, financial services, healthcare, consumer and business services, writing equity cheques of up to $500m.
Fund IX is around 50% larger than its predecessor, a $4.65bn fund raised in 2022. Past investments include Wayfair, Quantum Health and G/O Media.
According to public pension records, Great Hill’s recent funds have delivered a gross IRR of 33%.
