FTV has closed its sixth and largest fund to date, FTV VI LP, at its hard cap of $1.2 billion. The firm’s earlier fund closed in September 2016 at its hard cap of $850 million.
The new fund saw renewed commitments from existing limited partners, as well as interest from new limited partners from North America, Europe, Asia-Pacific and the Middle East.
“We value the continued support of our longstanding investors and welcome our new investors as we enthusiastically look forward to executing our consistent, time-tested strategy to generate compelling risk-adjusted returns for our limited partners,” said Karen Derr Gilbert, partner and head of fundraising at FTV Capital.
As with earlier funds, Fund VI will make equity investments of $30 million to $100 million in companies that are active in the enterprise technology and services, financial services, and payments and transaction processing sectors. FTV is often the first institutional investor in its portfolio companies. Typical targets will have revenues of $10 million to $100 million.
“We are grateful for the ongoing trust our investors have placed in our team and our differentiated approach, which drives us to find exciting, proprietary investment opportunities,” said Brad Bernstein, managing partner at FTV. “Over the years, we have made significant investments in our platform to help CEOs and founders accelerate meaningful growth – including expanded access to our dedicated business development team and commercial connections through our Global Partner Network, as well as to our operational resources in sales, marketing, human capital and technology.”
In the last 12 months, FTV has committed $385 million to eight new portfolio companies including Docupace, a Los Angeles-based provider of cloud-based digital operations software used in the wealth management sector; Sysnet, an Ireland-headquartered provider of cybersecurity and compliance software; Security Compass, a Toronto-based provider of software development, security, and IT operations (DevSecOps) software; and Bought By Many, a London-based pet insurance provider.
“We see tremendous opportunities ahead given the environment around our investment themes, including contactless payments, payment fraud solutions, enterprise digitization and remote workplace management,” added Mr. Bernstein. “Having successfully deployed capital through various economic cycles, we will continue to work tirelessly to support our motivated management teams’ efforts to build market-leading companies.”
With the closing of Fund VI, FTV has now raised a total of nearly $4 billion and invested in 114 companies. FTV has offices in San Francisco and New York City.
Kirkland & Ellis provided legal services to FTV on this fundraise.
Private Equity Professional | June 19, 2020
The post Fund VI Largest Ever for FTV appeared first on Private Equity Professional.
