Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.

Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.

Insight Partners did not respond to a Reuters request for comment outside business hours.

The report added that Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.

One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet in July, the report said.

The New York-based private equity firm raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Jamie Freed and Edmund Klamann)