Spectrum Equity Management LP has closed its Spectrum Equity VIII LP at a hard cap of $1.25 billion, in excess of the target of $1 billion.

The company also closed an additional $125 million for a discretionary overage program, which will enable the firm to pursue larger transactions. Fund VIII will provide capital to companies with "proven and scalable" business models.

Moreover, Spectrum Equity promoted Adam Margolin to managing director and Leah Palmer to general counsel.