(Reuters) – Non-public fairness agency Perception Companions is on the point of closing a brand new $10 billion-plus fund, roughly half the quantity initially focused, the Monetary Instances reported on Sunday, citing 5 folks with data of its plans.

Perception won’t formally shut its thirteenth fund till early subsequent yr, the report mentioned, including that the ultimate determine could also be nearer to $12 billion.

Perception Companions didn’t reply to a Reuters request for remark outdoors enterprise hours.

The report added that Perception is utilizing a non-public equity-style construction to promote greater than $1 billion value of stakes in start-ups and to free up money to return to buyers.

One of many start-ups is Israeli cybersecurity agency Wiz, which had known as off a $23 billion cope with Google dad or mum Alphabet (NASDAQ:) in July, the report mentioned.

The New York-based personal fairness agency raised $20 billion for its twelfth flagship fund in 2022, aiming to ramp up investments in software program and know-how firms.