Insight Partners, a global software investor, has closed its Continuation Fund II with HarbourVest Partners and Lexington Partners leading a group of limited partners investing in the fund. It closed with total commitments of approximately $1.3 billion.

The fund was established to acquire stakes in software companies across 6 Insight funds to support growth while providing liquidity to Insight’s LPs. Insight structured Continuation Fund II to include a “status quo” option, allowing LPs to choose whether they would participate in the transaction and take the liquidity or remain fully invested in the assets.

Lazard acted as financial adviser and Willkie Farr and Gallagher served as legal counsel to Insight Partners. Ropes & Gray served as legal counsel to HarbourVest and Lexington.