Great Hill Partners Raises $2.5 Billion for Seventh Growth Buyout Fund
BOSTON, July 9, 2019 /PRNewswire/ — Great Hill Partners, a leading growth-oriented private equity firm, today announced the first and final closing of Great Hill Equity Partners VII, L.P., reaching its hard cap of $2.5 billion of limited partner commitments. Launched in February, the Fund was oversubscribed and surpassed its $2.0 billion target after five months in the market.
“We are honored and grateful for the strong support we received from our existing investors and a select group of new limited partners,” said Managing Partners Christopher Gaffney, Michael Kumin, Mark Taber, and Matthew Vettel. “Over more than two decades as a growth investor, we have developed deep sector expertise through rigorous research and a commitment to proactively building long-term relationships with best-in-class, high growth businesses. We look forward to continuing to execute on this strategy while serving as a preferred partner to entrepreneurs and leadership teams as they accelerate growth and scale their companies.”
Commitments to the Fund were secured from a broad mix of U.S. and international investors including public and private pensions, sovereign wealth funds, endowments and foundations, insurance companies, healthcare systems, institutional fund managers, family offices, and high net worth individuals, many of whom have invested in prior Great Hill Partners funds.
Similar to Great Hill Partners’ prior funds, Fund VII will seek opportunities to finance the acquisition, recapitalization, or expansion of rapidly growing middle market companies. Since its inception in 1998, Great Hill Partners has raised $7.7 billion. Great Hill’s previous fund, Fund VI, closed on $1.5 billion of LP commitments in 2017. The firm has completed several successful exits over the last twelve months, including the sales of PlanSource, ChromeRiver, ZoomInfo, Ascenty, and The Shade Store.
Latham & Watkins LLP advised Great Hill Partners on the fund formation.
About Great Hill Partners
Great Hill Partners is a Boston-based private equity firm that has raised $7.7 billion in commitments since inception to finance the expansion, recapitalization, or acquisition of growth companies in a wide range of sectors in business-to-business and business-to-consumer industries including software, financial and healthcare technology, digital media, eCommerce, and internet infrastructure. Great Hill targets investments of $40 million to $250 million. For more information, visit www.greathillpartners.com.