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Spectrum Equity Partners has quietly closed its eighth flagship fund with $1.25 billion in capital commitments, plus also secured $125 million for its first-ever "overage" fund, Axios has learned.

Overage fund: This will be used to supplement larger investment opportunities, with Spectrum wishing it could have plugged more of its own cash into earlier deals like Ancestry.com, BATS Trading, Lynda and SurveyMonkey. Some of those extra opportunities went to LP co-invests, but more went to other PE firms.

Personnel: This is the first Spectrum fund to not include co-founders Brion Applegate or Bill Collatos as general partners, although their pair have been part-time for a while, as part of a planned succession process.

Rebound: Spectrum was easily over-subscribed on this fund, reflecting a major reputational rebound after the firm was among those defrauded in 2009 by a duplicitous portfolio company called Canopy Financial.

Performance: CalSTRS data shows that Spectrum's seventh and sixth funds have IRRs of 13.2% and 19.3%, respectively, through the end of Q1 2017.

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Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

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Photo: Joseph Prezioso/AFP via Getty

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Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.