The latest in funds and investment news from across North America.

Spectrum Equity 
Spectrum Equity, the US-based growth equity firm, has closed Spectrum Equity IX LP at a hard cap of $1.5 billion. In addition, Spectrum closed its second Discretionary Overage Program at $150 million, enabling the firm to pursue larger transactions or follow on investments opportunistically.

The firm only puts money into internet-enabled software and information services companies. Similar to Spectrum's prior funds, Fund IX will provide capital to companies with proven, scalable business models which exhibit high growth with persistent customer relationships. 

Spectrum makes investments ranging in size from $25 million to $150-plus million in a mix of control and minority transactions. 

The firm is led by Vic Parker, Chris Mitchell and Ben Spero.