Insight Ventures raises $1.49 billion

SAN FRANCISCO Mon Apr 29, 2013 4:01pm EDT

SAN FRANCISCO (Reuters) - Two years after closing on roughly $2 billion in new commitments, the venture capital firm Insight Venture Partners is raising more money.

The firm — which counts microblog Twitter, newsreader Flipboard, blog site Tumblr, and daily-deals site Living Social among its investments - has raised $1.49 billion and has plans to raise roughly $900 million more, according to U.S. Securities and Exchange Commission filings made on Friday.

The firm did not immediately respond to a request for comment.

Insight filed documents for two other funds, but the capital for those funds is part of the $1.49 billion it has raised to date. One filing shows the firm has raised $354 million; another shows another a pool of $417.5 million that has already been sold.

In 2011, Insight raised a $1.5 billion fund, as well as a co-investment fund that held $450 million in commitments; the smaller fund was intended to allow Insight to invest in larger deals, according to PEHub, a unit of Thomson Reuters.

The firm also said in 2011 that it would make investments up to $150 million. But in at least one case, it exceeded that range. In February, Insight invested $200 million in 9-year-old, Atlanta-based AirWatch, which specializes in helping large companies manage and secure the mobile devices of their employees, according to a press release.

Other recent investments include: a $25 million minority equity investment in Cherwell Software, a Colorado Springs, Colo.-based company that sells IT service management software; a $53 million investment in SR Labs, a New Delhi-based maker of high-performance electronic-trading software; and Pluralsight, a Salt Lake City-based online education company for software developers, which raised $27.5 million from Insight.

Among Insight's most recent exits is email marketer ExactTarget ET.N, which went public last year in a $161 million offering.

The SEC filings list the New York-based investment bank Sparring Partners Capital as placement agent.

(Reporting By Connie Loizos of PEHub, a Thomson Reuters publication; Editing by Sarah McBride and Leslie Gevirtz)

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