(Reuters) – Private equity firm Insight Partners is close to closing a new fund worth more than $10 billion, about half the amount originally planned, the Financial Times reported on Sunday, citing five people familiar with its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure could be closer to $12 billion.
Insight Partners declined to comment on the report.
The report notes that Insight is using a private equity-style structure to sell stakes in startups worth more than $1 billion and free up cash to return to investors.
One of the new companies is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight has raised $20 billion for its 12th flagship fund in 2022, aiming to increase investments in software and technology companies.
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