Accel and KKR raise $600 million private equity fund
Accel-KKR has raised a third private equity fund of $600 million to invest in technology busineses.
The Accel-KKR Capital Partners III fund is a growth-oriented, middle-market tech fund. The fund was initially targeted at just $450 million and was significantly oversubscribed. Now two partners have more than $1 billion in assets under managemen.
The new fund’s investors include college and university endowments, corporate pension plans, foundations, insurance companies, investment advisors, state and government retirement systems and family offices. All of Accel-KKR’s investors from its 2006 second fund participated in the third fund.
Tom Barnds, Managing Director of AKKR said the fundraising in a tough environment validates the strong results of the previous funds. The new fund will focus on mid-market companies across the tech industry, including software, Internet technologies and information-technology-enabled services. It will target deals with companies with $15 million to $150 million in revenues.
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About the Author, Dean Takahashi
Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.