Insight Partners is closing in on a new $10 billion fund, FT By Reuters reports

(Reuters) – Private equity firm Insight Partners is on the verge of closing a new fund of more than $10 billion, about half of its original target, the Financial Times reported on Sunday, citing five people familiar with its plans.

Insight won’t formally close its 13th fund until early next year, the report said, adding that the final figure could be closer to $12 billion.

Insight Partners did not respond to a Reuters request for comment outside business hours.

The report added that Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and free up cash to return to investors.

One of the startups is Israeli cybersecurity firm Wiz, which in July canceled a $23 billion deal with Google, Alphabet (NASDAQ: ), the report said.

The New York-based private equity firm has raised $20 billion for its 12th flagship fund in 2022, aiming to step up investments in software and technology companies.