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Francisco Partners raises $21B for new tech PE funds despite slowdown
The technology-focused buyout firm collected $16.4 billion for its flagship vehicle and $4.6 billion for its middle-market fund, both above targets.
Francisco Partners has raised $21 billion for two new technology-focused private equity funds, even as fundraising for other tech managers has slowed, according to Yahoo Finance.
The firm amassed $16.4 billion for its flagship Francisco Partners VIII and $4.6 billion for Francisco Partners Agility IV, a middle-market vehicle. Marketing began in November 2025, with first closes in February, and both funds reportedly exceeded their stated targets.
Backers cited in public documents and PitchBook data include the Boston Retirement System, CalPERS, and the Pennsylvania State Employees' Retirement System. With the new capital, Francisco Partners plans to pursue deals across areas such as healthcare IT, education technology, industrial software, cybersecurity, and fintech.
Francisco Partners' global head of fundraising and marketing, Andrew Brown, said AI can be less disruptive in some targeted sectors because customer adoption tends to be slower when switching costs and regulatory barriers are higher, even if innovation moves quickly. Yahoo Finance also noted that tech PE fundraising has cooled more broadly this year, with 38 tech-focused funds closing through the end of June for $26.24 billion, versus $97 billion raised across 100 funds during all of 2025.