Boston, MA and San Francisco, CA - Spectrum Equity, a leading growth equity firm, today announced the closing of Spectrum Equity X, L.P. (“Fund X”) at a hard cap of $2 billion. Fund X was oversubscribed, receiving strong support from long-standing limited partners and select new investors. In addition, Spectrum closed its third Discretionary Overage Program at $200 million, enabling the firm to pursue larger transactions and follow-on investments.

Spectrum Equity provides capital and strategic support to internet-enabled software and data services companies across a range of industry verticals, and has developed deep domain expertise and an established track record. Consistent with Spectrum’s prior funds, Fund X will invest in rapidly growing companies with scalable business models, persistent customer relationships, and emerging market leadership.

The firm is led by Vic Parker, Chris Mitchell, Ben Spero, and Steve LeSieur. “We are deeply grateful for the continued support of our investors. Strong demand for Fund X reflects confidence in our strategy and in the value creation initiatives we develop in partnership with portfolio company management teams. We remain consistent in our approach and are grateful to the founders and management teams who entrust us to support their next stage of growth and to help achieve their growth ambitions,” they said.

Spectrum’s current portfolio includes exposure to dynamic businesses transforming verticals such as education, financial services, healthcare, and transportation and logistics, and to business models driven by innovation in areas such as data analytics, Governance, Risk & Compliance, SMB-enablement, and transactional marketplaces.

Proskauer served as fund counsel.