Jeff Horing’s Insight Partners is to New York venture capital what Andreessen Horowitz and Sequoia are to Silicon Valley. And it’s a situation that has been cemented with Insight’s latest closure.
As expected, Insight Partners was announced On Thursday it closed another giant flagship fund, known as Fund XIII, along with its second Opportunity Fund, collectively $12.5 billion in new capital. An opportunity fund is generally money intended to be reinvested in existing portfolio companies when they raise new rounds.
In September, he was rumored to be working on a $10 billion fund. Insight clearly achieved this goal and then some. With this fund it now has $90 billion in assets under management.
An Insight spokesman declined to say how many billions are in each new fund, but some of the money is also in what it calls an “exclusive buyout co-investment fund.” The spokesman said that money will be used for buyout software investments, an established area for the 30-year-old company.
This raise signals that Insight has no intention of relinquishing the top dog seat to start-up VC firm Thrive in New York. In 2024, Josh Kushner’s Thrive led and co-led many of the biggest deals, from OpenAI’s $6.6 billion round to Anysphere’s $100 million Series B, maker of AI coding assistant Cursor.
Insight doesn’t back down. For example, the VC firm co-led Databricks’ record-breaking $10 billion fundraising deal in December, along with Thrive. He used funds from his Partners Public Equities fund to do so, a fund created to buy public stocks. This new chapter will help her pursue, perhaps even lead, more deals.
Interestingly, in a year where the locked-in IPO market means delayed returns for many VCs, Insight said it has done well with its portfolio companies recording more than $8 billion in exits in 2024, mostly through acquisitions. These included Recorded Future to Mastercard for $2.65 billionOwn to Salesforce for $1.9 billion, WalkMe to SAP for $1.5 billion, and Jama Software for private equity for $1.2 billion.
