The firm’s latest fund extends a disciplined approach built over three decades.
BOSTON, SAN FRANCISCO, and LONDON, Oct. 8, 2026 — Growth equity firm Spectrum Equity today announced the closing of Fund XI, which raised a total of $2.5 billion in an oversubscribed, single close. Fund XI is Spectrum’s largest fund since its founding in 1994, continuing the firm’s measured approach to fund size growth. In Fund XI, Spectrum will maintain its focus on rapidly growing, capital-efficient, founder-led companies, spanning software, artificial intelligence, and data services.
“Over the last 30 years, our funds have invested across each wave of innovation, while avoiding the volatility of the hype cycles that are prevalent in our industry,” said Ben Spero, Managing Director. “For the types of businesses that Spectrum has always specialized in, AI is creating unprecedented opportunities to deliver new value for end customers. It’s also a period of rapid change and competitive pressure. We believe this will fuel new opportunities to partner with exceptional management teams that have the leadership, product vision, and execution to build durable competitive advantages.”
Spectrum takes a dedicated, hands-on approach to supporting its portfolio companies’ growth. With 78 employees at the firm and 48 active portfolio companies, the firm has the deep industry experience and resources to support the growth ambitions of each business.
“With Fund XI, we are fortunate to have the support of our long-standing limited partners, along with several new investors that we’ve been excited to build relationships with,” said Mike Farrell, Managing Director. “In addition, more than 50 of our Fund XI investors are founders, executives, or board members of companies in which Spectrum has invested. They’ve seen the firm’s consistent approach from the inside, and we’re grateful for their continued confidence.”
Fund XI will seek to invest in founder-owned companies with little or no prior institutional capital, typically investing $25 million to $250 million per company. Since 1994, Spectrum has raised over $12.5 billion in capital from limited partners across its 11 main funds, investing in more than 190 companies.
To learn more about Spectrum Equity, visit www.spectrumequity.com.
About Spectrum Equity
Founded in 1994, Spectrum Equity is a leading growth equity firm with offices in Boston, San Francisco, and London. For over 30 years, we’ve partnered with and provided strategic support to innovative companies across multiple sectors, with a focus on software, artificial intelligence, and data businesses. Notable realizations include AllTrails, Ancestry, Definitive Healthcare, GoodRx, SurveyMonkey, and Verafin. In 2026 to date, Spectrum has made investments in splose, WorkFlex, Xapien, Symmetric, and a soon-to-be-announced consumer marketplace company. For more information, including a complete list of portfolio investments, please visit https://spctrm.pe/list-of-investments, which is updated periodically and reflects investments that have been publicly announced.
SOURCE Spectrum Equity
