North Bridge closes new half-a-billion-dollar fund

North Bridge Growth Equity has closed a new fund with $580 million committed, bringing total funding under management this arena to $1.1 billion.

Together, Waltham, Mass.-based North Bridge Growth Equity and North Bridge Venture Capital manage $3.5 billion.

In general, growth equity funds focus on companies that are somewhat established, with revenue streams and business models. The new North Bridge Growth Equity II fund specifically will seek tech businesses with revenue in the tens of millions of dollars range and with little outside capital, the company said in a statement.

General partners Matt Blodgett, Doug Kingsley, Mike Pehl and Russ Pyle will run the fund.