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FUNDRAISING NEWS | January 22, 2025
Tags: Infrastructure, Fundraising
Novacap said January 22 that it closed its first digital infrastructure-focused fund with capital commitments surpassing $1B.
The North American private equity firm said Novacap Digital Infrastructure Fund I was oversubscribed with support from existing and new institutional investors, family offices and high-net-worth individuals in North America, Europe, Asia and the Middle East. Santa Barbara County Employees' Retirement System committed $15M to the fund, according to Dakota data.
The first fund in the firm's digital infrastructure strategy focuses on equity investments in the lower mid-market of North America, targeting connectivity and data access services providers with existing physical assets. So far, Fund I has already invested in next-generation 911 services developer INdigital, broadband network operator All West Communications, wireless digital assets developer Communications Tower Group, and data center owner and operator HyScale.
Novacap, which has $10B of AUM according to its website, tapped Evercore Private Funds Group to be the exclusive global placement agent for the fund and Davies Ward Phillips & Vineberg as fund counsel.
Written By: Dakota
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