Spectrum Equity XI-A, L.P.
Raised
Pre-open
Investors
—
Min Invest
None stated
AltStreet Analysis
·Generated from EDGAR primary sources
Delaware limited partnership formed in 2026 with a Massachusetts address, filing as a pooled investment fund of the private equity type. Its first Form D, filed October 9, 2026 (accession 0001012975-26-000921), reports a total offering amount and a total amount sold of $2,375,000,000 with nothing remaining and 61 investors, and states in its Item 13 clarification that the amounts include interests sold by its two parallel funds, Spectrum Equity XI-B, L.P. (CIK 2152265, 55 investors) and Spectrum Equity XI-C, L.P. (CIK 2152266, 52 investors, which claims Section 3(c)(1) rather than 3(c)(7)). The three notices were filed the same day and repeat the same figure, so the $2,375,000,000 is one program total reported three times, not three raises; the investor counts are per vehicle. No sales commissions or finders' fees are reported; an affiliate of the general partner receives a management fee calculated annually on a percentage of limited partner subscriptions, rate not stated; the minimum investment accepted from outside investors is listed as $0 (an Item 11 figure, not a commercial term). The notices were signed by Benjamin C. Spero, Managing Director, on October 9, 2026. Spectrum Equity, a Boston growth equity firm founded in 1994, announced on October 8, 2026 that Fund XI closed at $2.5 billion in an oversubscribed single close, $125 million more than the Form D total; the filings do not explain the difference. Form D amounts for pooled funds include capital commitments, so the figure does not mean that sum has been paid in.
Institutional growth equity fund: one of three parallel vehicles (XI-A, XI-B and XI-C) of Spectrum Equity's eleventh fund, limited to qualified purchasers. Not a retail platform vehicle.
EDGAR Filing Data
Form D — Primary Source
View on SEC.govFilings on Record
Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.
AltStreet Coverage
Original reporting from AltStreet's daily EDGAR monitoring covering this entity's filings.
All AltStreet newsFund Family
Every vehicle in this manager's series as it appears on EDGAR, newest generation first. Sold-to-date and investor counts are each vehicle's latest Form D.
Fund family
Spectrum Equity12 vehicles · 4 generations · since 2017 · $4.38B sold across the family · 4 pension performance reports
Held by CalSTRS $465.0M across 4 generations (public pension disclosures)
This issuer is in Fund XI · Fund X has sold $2.00B to date across its vehicles
| Vehicle | Role | First filed | Status | Sold | Investors |
|---|---|---|---|---|---|
| Fund XI · first filed 2026-10-09 · 3 vehicles · $2.38B sold · 55 investors | |||||
| Spectrum Equity XI-A, L.P.this issuer | sleeve A | 2026-10-09 | closed | $2.38Bcombinedshared | 61 |
| Spectrum Equity XI-B, L.P. | sleeve B | 2026-10-09 | closed | $2.38Bcombined | 55 |
| Spectrum Equity XI-C, L.P. | sleeve C | 2026-10-09 | closed | $2.38Bcombinedshared | 52 |
| Fund X · first filed 2022-08-03 · 3 vehicles · $2.00B sold · 65 investors | |||||
| Held by CalSTRS $125.0M | |||||
| CalSTRSnet IRR -8.5%multiple 0.94xDPI n/mon $125.0M committedas of 2025-06-30source ↗ | |||||
| Spectrum Equity X-A, L.P. | sleeve A | 2022-08-03 | closed | $2.00B | 65 |
| Spectrum Equity X-C, L.P. | sleeve C | 2022-08-03 | closed | $2.00Bshared | 89 |
| Spectrum Equity X-B, L.P. | sleeve B | 2022-08-03 | closed | $2.00Bshared | 55 |
| Fund IX · first filed 2020-04-08 · 3 vehicles | |||||
| Held by CalSTRS $125.0M | |||||
| CalSTRSnet IRR 4.5%multiple 1.15xDPI 0.11xon $125.0M committedas of 2025-06-30source ↗ | |||||
| Spectrum Equity IX-A, L.P. | sleeve A | 2020-04-08 | pre sale | $0 | 0 |
| Spectrum Equity IX-C, L.P. | sleeve C | 2020-04-08 | pre sale | $0 | 0 |
| Spectrum Equity IX-B, L.P. | sleeve B | 2020-04-08 | pre sale | $0 | 0 |
| Fund VIII · first filed 2017-10-03 · 3 vehicles | |||||
| Held by CalSTRS $110.0M | |||||
| CalSTRSnet IRR 29.6%multiple 2.30xDPI 1.45xon $110.0M committedas of 2025-06-30source ↗ | |||||
| Spectrum Equity VIII-C, L.P. | sleeve C | 2017-10-03 | pre sale | $0 | 0 |
| Spectrum Equity VIII-B, L.P. | sleeve B | 2017-10-03 | pre sale | $0 | 0 |
| Spectrum Equity VIII-A, L.P. | sleeve A | 2017-10-03 | pre sale | $0 | 0 |
| Fund VII · vintage 2014 · no Form D vehicle in the ledger | |||||
| Held by CalSTRS $105.0M | |||||
| CalSTRSnet IRR 37.2%multiple 3.73xDPI 2.82xon $105.0M committedas of 2025-06-30source ↗ | |||||
Grouped from Form D issuer names (generation, sleeve, jurisdiction and legal-form tokens removed); a name-only match, so abbreviated or renamed vehicles can be missed. Sold and investor figures are each vehicle's latest Form D; sleeves that report the same figure share one family-wide total and are counted once. Performance lines are what a public pension plan reports for its own interest in that fund, net, on the plan's cash flows and valuation date; they are not the general partner's figures.
In the Terminal
Filing events
2
latest Oct 9, 2026
Critical / warning
2 / 0
0 watch · 0 info
Statements extracted
0
none on file
NAV prints
0
none on file
Offering chains
1
closed
Latest event New filer · Oct 9, 2026
SEC.govInvestor
- 2 filing events with values and deltas, latest 2026-10-09, and alerts on the next one
- 1 offering timeline: velocity, share raised, first-sale lag, stalled flags
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Related Persons (Form D)
Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.
Spectrum Equity Associates XI, L.P.
Executive Officer · Boston, MA
General Partner of the Issuer
SEA XI Management, LLC
Executive Officer · Boston, MA
General Partner of the General Partner of the Issuer
John Connolly
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Ronan Cunningham
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Michael W. Farrell
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Jeffrey C. Haywood
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Parag Khandelwal
Executive Officer · London, X0
Managing Director of the General Partner of the Issuer's General Partner
Stephen M. LeSieur
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Adam J. Margolin
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Christopher T. Mitchell
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Matthew Neidlinger
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Leah J. Palmer
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Michael Radonich
Executive Officer · Boston, MA
Managing Director of the General Partner of the Issuer's General Partner
Brian M. Regan
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Benjamin C. Spero
Executive Officer · San Francisco, CA
Managing Director of the General Partner of the Issuer's General Partner
Questions About Spectrum Equity XI-A, L.P.
Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.
What is Spectrum Equity XI-A, L.P.?
Spectrum Equity XI-A, L.P. is a Delaware limited partnership organized in 2026 that filed a Form D with the SEC on October 9, 2026 as a private equity fund. The filing claims Rule 506(b), Section 3(c), Section 3(c)(7) for an offering of pooled investment fund interests.
Is Spectrum Equity XI-A, L.P. legit?
AltStreet does not rate legitimacy; it reports the public record. Spectrum Equity XI-A, L.P. filed a Form D with the SEC on October 9, 2026 claiming Rule 506(b), Section 3(c), Section 3(c)(7). A Form D is a notice of an exempt offering, not a review or approval of it. The newest notice reports $2,375,000,000 sold to 61 investors. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. Before investing, confirm the filing on EDGAR, check the seller's registration on FINRA BrokerCheck, and read the offering documents, which a Form D does not include.
Is Spectrum Equity XI-A, L.P. registered with or approved by the SEC?
No. A Form D is a notice that an issuer is selling securities under an exemption from registration, and the SEC does not review, approve, or pass on the merits of the offering. The filing shows that Spectrum Equity XI-A, L.P. claimed Rule 506(b), Section 3(c), Section 3(c)(7) and disclosed the items the form requires, such as the amount sold, the minimum investment, related persons, and anyone paid to sell the securities. It does not verify the issuer's claims or its business.
How much has Spectrum Equity XI-A, L.P. raised?
Spectrum Equity XI-A, L.P. reported $2,375,000,000 sold from 61 investors of a $2,375,000,000 total offering as of the Form D filed October 9, 2026. The filing states that the figure is combined across related vehicles, so it is not this entity's figure alone.
Who can invest in Spectrum Equity XI-A, L.P.?
The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. Because the fund also relies on Section 3(c)(7), each investor must be a qualified purchaser, generally an individual with at least $5 million in investments. The filing reports no non-accredited investors. The filing lists the minimum investment as $0, meaning no minimum was stated.
What is the minimum investment in Spectrum Equity XI-A, L.P.?
The Form D lists the minimum investment as $0, which means the issuer did not state a minimum on the form. The offering documents, not the Form D, set the actual subscription terms.
Who is selling Spectrum Equity XI-A, L.P. and how are they paid?
The Form D names no recipient of sales compensation, which usually means the issuer or its affiliates are placing the securities directly. Sales commissions are reported as $0 and finders' fees as $0. Form D allows these to be estimates.
Who is behind Spectrum Equity XI-A, L.P.?
The Form D lists 15 related persons: Spectrum Equity Associates XI, L.P., executive officer (General Partner of the Issuer); SEA XI Management, LLC, executive officer (General Partner of the General Partner of the Issuer); John Connolly, executive officer (Managing Director of the General Partner of the Issuer's General Partner); Ronan Cunningham, executive officer (Managing Director of the General Partner of the Issuer's General Partner); Michael W. Farrell, executive officer (Managing Director of the General Partner of the Issuer's General Partner); Jeffrey C. Haywood, executive officer (Managing Director of the General Partner of the Issuer's General Partner); Parag Khandelwal, executive officer (Managing Director of the General Partner of the Issuer's General Partner); Stephen M. LeSieur, executive officer (Managing Director of the General Partner of the Issuer's General Partner), and 7 more. Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.
Where is Spectrum Equity XI-A, L.P. located?
The issuer's address on its SEC filings is One International Place, 35th Floor, Boston, MA 02110. Its phone number of record is 617-464-4600. It is organized under the laws of Delaware.
How long is the Spectrum Equity XI-A, L.P. offering open?
The issuer indicated that the offering is not intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open, and no amendment is on record yet.
How large is Spectrum Equity XI-A, L.P.?
The issuer declined to disclose its revenue range on the Form D, which the form permits.
Is this your offering?
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Data Methodology
Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. EDGAR entity profiles and deal-level data are reviewed by AltStreet analysts with backgrounds in corporate finance and securities law — cross-referenced against offering circulars, audited financial statements, and primary regulatory filings before publication. Platform-provided information, where present, is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. Platforms may request factual corrections for demonstrable inaccuracies by contacting [email protected]. This page does not constitute investment advice.