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Insight Venture Partners, a private equity and venture capital firm, raised $6.3 billion for its latest fund, the largest amount raised by the firm for a fund to date, and the firm's managing partners combined are the largest investors in the fund.
"This is the first time that we’re the largest investors in our fund," Deven Parekh, managing director at Insight Venture Partners, told CNBC.
“We believe in our strategy and are proud to be fully aligned with our limited partners, " he said.
The firm announced this week that it has closed Fund X, or ten, and would take another two and a half to three years before the beginning to raise money for its next fund. The fund invests in technology sector.
Insight's previous fund, Fund IX, which Parekh said was two funds raised at the same time, closed in 2015 at approximately $5 billion. The New York-based company has more than $23 billion under management.
Traditional venture firms are increasingly raising massive funds to keep up with SoftBank's $100 billion Vision Fund, which closed in 2017 and has contributed to an influx of large investments into tech start-ups. Earlier this year, CNBC reported that Sequoia is in the process of raising $12 billion for various growth funds.