Evolution Equity Partners raises $1.1B for new cybersecurity and AI fund

Evolution Equity Partners launched the $1.1B Evolution Technology Fund III to invest primarily in early-growth cybersecurity and AI companies, with allocations of ~75% to early-growth, 15% to later-growth, and 10% to earlier-stage ventures across North America, Europe, and Israel; the fund has already backed 15 companies and targets up to 30, offering operational support and emphasizing ESG, amid a market backdrop of rising CISO budgets but lower overall industry investment, with prior successes including Arctic Wolf, Talon, Snyk, Aqua Security, SecurityScorecard, and Carbon Black.