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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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9 p.m. ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.