TVC Capital Raises $115M Software Fund

San Diego-based TVC Capital, the software-focused, growth equity investment firm founded by Jeb Spencer and Steve Hamerslag has raised a big, $115M software fund, the company said Wednesday. The fund said that TVC Capital III was oversubscribed, and closed in only 90 days. TVC said that the investors included fund of funds managers and a university endowment. The new fund will remain focused on investments and acquisition of software companies, who are generating more than $2.5 million in revenues. TVC's biggest successes so far have been the sale of Accordent Technologies to Polycom; the sale of Del Mar DataTrac to Ellie Mae; the sale of Mercent to CommerceHub, and the sale of Anametrix to Ensighten.