Novacap has closed its Technologies Fund VII at nearly $3.8bn, exceeding its $2.75bn target by more than $1bn in under a year, the firm announced.

The vehicle marks Novacap’s largest fund to date and brings total assets under management to more than $12bn. The raise comes amid a challenging global fundraising backdrop, underscoring continued LP appetite for sector-specialist technology buyout platforms.

Tech VII will pursue middle-market and lower-middle-market investments in profitable North American B2B software and technology-enabled services businesses. The strategy emphasises operational value creation and cross-border add-on acquisitions to accelerate scale.

President, CEO, and Managing Partner of Technologies and Digital Infrastructure Pascal Tremblay said: “Closing our largest fund to date, at high velocity and above our target, despite a challenging fundraising environment, reflects the conviction global investors have in our disciplined, time-tested approach to technology buyouts and our focus on partnership and value creation.”

Novacap’s recent deal activity highlights its full lifecycle investment approach. Last year, its TMT VI fund completed the $1.9bn privatization of Integral Ad Science with significant co-investment from limited partners. More recently, the firm signed a definitive agreement to sell Eddyfi Technologies for $1.45bn.

Across its technology strategy, Novacap has completed 29 platform investments and more than 95 add-on acquisitions, alongside 16 full realizations and two partial exits.

UBS served as exclusive global placement agent, while Willkie Farr & Gallagher and Davies Ward Phillips & Vineberg acted as fund counsel.

The $3.8bn close reinforces sustained investor demand for focused technology buyout strategies capable of executing operationally intensive growth plans across market cycles.

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