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