Novacap Closes US3.8 Billion Technology Fund in Montreal to Expand Investments Across North American B2B Software and Services Companies

Montreal-based private equity powerhouse Novacap has officially wrapped up its latest fund, Novacap Technologies Fund VII, bringing in nearly US$3.8 billion in commitments, including from affiliated investment vehicles.

With this close, the firm now manages over US$12 billion in assets, reinforcing its position as a leading investor in the North American middle-market technology sector.

Driving Growth Through Expertise and Strategy

Led by Pascal Tremblay, President, CEO, and Managing Partner of Technologies and Digital Infrastructure, Novacap has carved out a strong reputation as a hands-on, value-adding partner for B2B software and technology-enabled services companies.

Tech VII will continue the firm’s strategy of investing in profitable, high-growth enterprises, helping them overcome operational challenges while accelerating growth, often through transformational cross-border acquisitions.

Tremblay and his team leverage decades of sector expertise to identify companies that can benefit from strategic guidance, operational enhancements, and access to Novacap’s global network.

This approach has been central to their 29 platform investments and over 95 add-on acquisitions completed under previous funds.

Notable Transactions and Track Record

Novacap Technologies’ prior fund, TMT VI, concluded its final platform investment with the US$1.9 billion privatization of Integral Ad Science (IAS), alongside co-investments from limited partners.

More recently, the firm announced a US$1.45 billion definitive agreement to sell Eddyfi Technologies, reflecting its ability to execute lucrative exits and generate returns for investors.

Since its founding in 1981, Novacap has maintained a focus on middle-market and lower-middle-market companies across Technologies, Digital Infrastructure, Industries, and Financial Services.

The firm has invested in more than 250 companies and completed 16 full realizations and 2 partial exits, demonstrating a consistent track record of growth, operational improvement, and strategic exits.

Geographic Footprint and Market Presence

Headquartered in Montreal, Novacap also maintains offices in Toronto and New York, supporting its pan-North American investment strategy.

Its presence in multiple key markets allows it to source opportunities, manage investments effectively, and engage in cross-border transactions with relative agility.

What’s Next?

With Tech VII now fully funded, Novacap will actively seek high-potential B2B technology and software companies across North America, particularly those poised for operational improvement and global expansion.

Investors can expect the firm to continue pursuing strategic add-on acquisitions while leveraging sector expertise to drive profitability.

Meanwhile, further transformational exits like IAS and Eddyfi Technologies could follow, reinforcing Novacap’s track record of delivering strong returns.

Summary

Novacap has successfully closed its US$3.8 billion Technologies Fund VII, expanding the firm’s total assets under management to over US$12 billion.

Led by Pascal Tremblay, the fund will continue investing in profitable North American B2B software and tech-enabled services companies, often with add-on acquisitions and operational support.

With a long history of platform investments, exits, and a growing presence in Montreal, Toronto, and New York, Novacap positions itself as a major player in the middle-market technology private equity space, while eyeing future growth and high-profile exits.