Symphony Technology Group (STG) closed its latest tech-focused fund with $4.2 billion in capital commitments, making it the Menlo Park, California-based firm’s largest to date.
STG VII is more than double the size of the firm’s predecessor fund and far exceeds its initial $3 billion target. Officials said the fundraise was completed in less than five months.
Investors in the latest fund include: Los Angeles County Employees’ Retirement Association; Illinois Municipal Retirement Fund; and the Fairfax County Educational Employees’ Supplementary Retirement System.
“We are incredibly grateful to our existing and new investors for their support, especially given the context of the challenging fundraising environment and uncertain macro backdrop,” said STG Managing Partner and Chief Investment Officer William Chisholm. “We have made meaningful investments in our people and platform in recent years, and we believe Fund VII is very well positioned to be a leading partner to growing software companies.”
The firm has more than two decades under its belt and has been an operationally focused partner to over 50 global enterprise software companies. Since 2002, the firm has raised nearly $10 billion across its private equity funds and has made more than 100 investments.
Evercore Private Funds Group acted as STG’s exclusive global placement agent, and Kirkland & Ellis, LLP served as fund counsel.
