Lead Edge Capital has raised $3.5bn for its seventh fund, as the growth equity firm doubles down on software investments despite volatility linked to artificial intelligence, according to a report by Bloomberg.

The new fund will primarily target private companies, reinforcing Lead Edge’s focus on backing high-growth technology businesses with scalable models.

The fundraise comes at a time when software valuations have been pressured by concerns over AI disruption, prompting a more selective investment environment across the sector.

Lead Edge plans to deploy between $50m and $400m per investment, targeting companies with strong revenue growth and established market positions.

The firm has raised $9bn since inception and has backed major technology platforms including Spotify, Uber, and Alibaba.

Green noted a growing divergence within the software market, with companies focused on repetitive processes facing greater exposure to AI disruption, while businesses managing critical data and infrastructure remain more resilient.

The fundraise highlights continued investor appetite for software-focused strategies, particularly among managers with established track records and differentiated sourcing capabilities.

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