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Great Hill Partners has closed its ninth flagship fund at $7 billion, smashing its $5 billion target and hitting its hard cap in just five months, the Boston- and London-based private equity firm announced Wednesday.

Advised by Latham & Watkins LLP, the fund—dubbed Great Hill Equity Partners IX LP—was “substantially oversubscribed,” underscoring investor appetite for the firm’s growth buyout strategy.

Investor Confidence Signals Rapid Momentum

“The strong interest in Fund IX and its rapid fundraise are a testament to the talent and efforts of the entire Great Hill team as well as our innovative portfolio company management teams,” Great Hill’s executive committee said. “We are honored by the trust and confidence our investors have placed in us.”

Since its founding in 1998, Great Hill has now raised more than $19 billion across multiple funds, with Fund IX marking one of its fastest closes.

Strategy: Middle-Market Growth Buyouts

The new vehicle will continue Great Hill’s middle-market growth buyout playbook, zeroing in on investments between $100 million and $500 million in sectors such as software, financial services, healthcare, consumer, and business services.

Managing Director and Head of Investor Relations Mary Kate Bertke highlighted the diverse backing from investors, ranging from public and private pensions, sovereign wealth funds, and endowments to family offices and high-net-worth individuals across North America, Europe, Asia, the Middle East, South America, and Australia.

“We are incredibly grateful for the support of our limited partners, both those who have been with us for years and those joining us for the first time,” Bertke said.

Building on Past Success

Fund IX follows the firm’s January 2022 predecessor, which secured $4.65 billion in commitments. This latest raise nearly doubles that figure, reflecting both Great Hill’s momentum and the market’s confidence in its investment thesis.

Legal Advisers

The Latham & Watkins team guiding Great Hill included investment funds partners Andrea Schwartzman and Erin Bergey.