New York-based venture capital and private equity firm Insight Partners has closed its 13th flagship fund, raising US$12.5 billion.

The amount reflects a downward adjustment from its initial target of US$20 billion due to a difficult environment for venture capital fundraising.

This fund is one of the largest focused on technology investments.

It will target global software companies and plans to make investments ranging from US$5 million to US$500 million.