October 18, 2017 (Boston) – International law firm Proskauer advised Spectrum Equity on the first and final closing of Spectrum Equity VIII, L.P. The fund closed with $1.25 billion in commitments, exceeding its $1 billion target. In addition, Proskauer advised Spectrum in connection with the closing of an additional $125 million for an overage program, which will enable the firm to pursue larger transactions or follow on investments.
Spectrum Equity is a leading growth equity firm providing capital and strategic support to companies in the information economy and makes investments ranging in size of $25 million to $100-plus million in a mix of control and minority transactions. Fund VIII will provide capital to companies with proven, scalable business models and which exhibit high growth with persistent customer relationships.
The Proskauer team was led by partners Robin Painter and Mike Suppappola and included associates Brian Schwartz, Zachary Drozd, Casey O’Brien and John Beck (Private Funds); and partner Scott Jones and associate Zachary Cloyd (Tax).
Proskauer offers a full suite of services for the investment management industry, with a market-leading global team dedicated solely to advising asset managers, investment funds and their advisers, financial institutions and institutional investors across the asset class. The cross border team of over 130 lawyers is based in the U.S., UK, Asia and Latin America and includes specialists in tax, ERISA, regulation, financial services, employment, insurance, fund finance, litigation and risk management who understand the unique technical and commercial issues relevant to investment managers.