Jeff Horing’s Insight Partners is to New York venture capital what Andreessen Horowitz and Sequoia are to Silicon Valley. And it’s a situation cemented by Insight’s latest shutdown.

As expected, Insight Partners Office has partnered Thursday it closed another giant flagship fund, known as Fund XIII, along with a second Opportunity fund, which combined for $12.5 billion in new capital. An opportunity fund is typically money set aside to reinvest in existing portfolio companies when they raise new rounds.

In September, it was rumored to be working of a $10 billion-plus fund. Insight clearly achieved that target, and then some. With this fund it now has $90 billion in assets under management.

An Insight spokeswoman declined to disclose how many billions are in each new fund but said part of the money is also in what it calls a “dedicated buyout co-invest fund.” The spokesperson said this money will be used for buyout software investments, an established area for the 30-year-old company.

This increase signals that Insight has no intention of giving up the top dog spot to boost New York powerhouse VC, Thrive. In 2024, Josh Kushner’s Thrive leads and joins many of the biggest deals from OpenAI’s $6.6 billion round to the Anysphere’s $100 million Series B, the creator of the AI ​​coding assistant Cursor.

Insight does not cede any land. For example, the VC firm won Databricks’ co-lead record-breaking $10 billion fundraising deal in December, with Thrive. It tapped funds from its Partners Public Equities fund to do so, a fund set up to buy public stocks. This fresh capital will help it pursue, perhaps even lead, more deals.

Interestingly, in a year where the locked-in IPO market meant delayed returns for many VCs, Insight said portfolio companies performed well logging more than $8 billion in exits in 2024, mostly through acquisitions. Among them is the Recorded Future to Mastercard for $2.65 billionOwner of Salesforce for $1.9 billionWalkMe to SAP for $1.5 billionand Jama Software at private equity for $1.2 billion.