Investcorp raises $500m.
ITP, a buyout investor in growing small- and medium-sized technology businesses, has now total accumulated assets of more than $1 billion.
ITP Fund III, which had an original target of $400m, was oversubscribed and exceeded the $300m total capital committed to Investcorp Technology Ventures II, LP, ITP's second fund, which closed in 2005.
ITP Fund III received strong support from a diverse group of institutional, individual and family trust investors globally in addition to a significant financial commitment from Investcorp, which has offices in Bahrain, New York and London.
"We experienced extraordinary demand for ITP Fund III, reflecting our team's consistent execution of our strategy over two funds and our accumulation of an exceptional track record in 14 fully- and partially-realised investments over the past six years," said Investcorp Technology Partners head Savio Tung.
"Investors also have noted that ITP stands apart in its focus on creating value by generating growth and operational improvements at portfolio companies, rather than depending on significant leverage - a quality that we believe will continue to serve us well in the current lending environment.
"We are gratified to have received such strong support from new and existing limited partners," Mr Tung said.
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