Novacap has closed its Technologies Fund VII at $3.8 billion, surpassing its $2.75 billion target by over $1 billion in under a year. The Montreal-based private equity firm's largest fund to date brings total assets under management to more than $12 billion. The raise demonstrates strong investor confidence despite a challenging global fundraising environment.

Fund VII will target middle-market and lower-middle-market investments in profitable North American B2B software and technology-enabled services businesses. The strategy emphasizes operational value creation and cross-border add-on acquisitions to accelerate growth. Novacap President Pascal Tremblay noted the oversubscribed close reflects global investors' conviction in their disciplined technology buyout approach.

Novacap's recent deal activity showcases its full lifecycle investment model. Last year, its TMT VI fund completed the $1.9 billion privatization of Integral Ad Science with significant co-investment from limited partners. The firm recently signed a definitive agreement to sell Eddyfi Technologies for $1.45 billion. Across its technology strategy, Novacap has completed 29 platform investments and more than 95 add-on acquisitions, alongside 16 full realizations and two partial exits.