Noro-Moseley bags $180m for Fund VIII final close

Noro-Moseley Partners has raised $180m for final close of its eighth private equity fund, as it continues its investment strategy of backing American businesses in the IT and healthcare sectors.

The oversubscribed fund was initially targeting $150m, but was able to hit its hard cap after securing commitments from at least 64 limited partners, according to a filing submitted to the SEC. FDX Capital served as a placement agent for the fund in all US states, the filing shows.

The Atlanta-based firm will use Fund VIII to invest between $8 and $10m in companies with $2m to $10m of recurring revenue. NMP has already tapped the fund to invest in integrated care delivery and coordination company, BehaveCare and AI-powered pricing and revenue management platform, Revenue Analytics.

“We are excited to announce the final closing of our eighth fund,” NMP managing partner Allen Moseley.  “We are appreciative of the strong support from both our existing LPs and a number of new LPs.

“We are proud of the strong team we have built at NMP and are committed to finding, investing in and growing exciting technology and healthcare businesses.”

Since launching in 1983, NMP has invested around $800m in 20 companies across the healthcare IT, healthcare services, tech-enabled services, technology and financial services sectors.

The investor has contributed into a range of sectors within the FinTech space. Within the InsurTech space one of the companies it has supported is GetInsured. The startup builds cloud-based software for public and private healthcare exchanges to improve digital health insurance experiences.

Earlier in the month, the firm made its latest investment contributing to the $34m funding round of Red Canary. The RegTech company gives organisations a managed detection and response solution to uncover any potential online threats. Its software analyses masses of data each day, applying behavioral analytics to uncover vulnerabilities.

The buyout house gathered at least $46m for Fund VII six years ago according to a separate SEC filing. The firm was hoping to collect up to $120m for that fund, the filing showed, although the firm has not publicly revealed on how much it eventually closed the vehicle.

NMP raised $118m for its 2008-vintage sixth flagship fund according to data from Palico.

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