MAVA Member Updata Partners raised $160 million toward a $275 million fifth fund, according to an SEC filing. The target on the fund was raised from a December 2014 SEC filing, which set a goal of $225 million in capital commitments for Fund V.
Four LPs committed the capital, according to the filing.
Updata makes growth equity investments in software, Internet and technology-enabled service businesses that have already sales. Updata’s fourth fund closed at $223.22 million in 2007.
The amendment also adds Jonathan Seeber to the fund’s list of partners, which include Carter Griffin, James Socas and Barry Goldsmith. Probitas Funds Group LLC served as placement agent.