Novacap recently announced the closing of Novacap TMT VI at US$1.865 billion, which included a considerable contribution from Novacap's partners, staff, and Executive Fund.
FREMONT, CA: Novacap, one of Canada's top private equity companies, has announced the closure of Novacap TMT VI ("TMT VI" or "the Fund") at US$1.865 billion, which included a considerable contribution from Novacap's partners and staff, as well as the Executive Fund. The fund is the most significant amount of money collected by Novacap in its history.
TMT VI was massively oversubscribed, exceeding its goal of US$1 billion, due to strong demand. TMT VI attracted nearly all the firm's TMT V investors and significant new investors from the United States, Europe, Asia, and the Middle East. Sovereign investment funds, public and private pension plans, insurance providers, endowments and foundations, family offices, and consulting firms are among TMT VI's investors.
"We are extremely gratified for the opportunity to partner with such a prominent group of investors from around the globe," said Pascal Tremblay, President, CEO, and Managing Partner of Novacap. "The successful closing of TMT VI continues the strong momentum in all our verticals: TMT, Industries and Financial Services. The Novacap franchise has never been stronger, and we are grateful for this momentum as we enter our fifth decade. Just as we have done throughout our history, TMT VI will seek to invest in growing, market-leading businesses led by talented entrepreneurs seeking a value-added partner to accelerate growth."
Thisfund will pursue Novacap's previous TMT funds' successful strategy of managing growth investments in profitable technology and technology-enabled businesses. Software, business services, internet connectivity, and e-commerce and solutions for the energy and healthcare industries are the main areas of interest. Partners like Pascal Tremblay, Stephane Tremblay, Franois Laflamme, Ted Mocarski, Eric Desrosiers, and David Lewin will lead TMT VI, which will be assisted by investment and operations teams with extensive TMT experience.
The exits of Intelerad and PKWare and Nuvei Corporation's initial public offering have all been recent achievements in the firm's TMT vertical (TSX: NVEI, NVEI.U). With a current market capitalization of C$10.3 billion, Nuvei was the highest ever IPO of a Canadian technology firm.
