Alpine Investors Seeks 1.7 Billion for Its Eighth Private-Equity Fund

Technology-focused Alpine Investors is seeking $1.7 billion for its eighth fund, a goal that would make the fund the firm’s largest yet, according to people familiar with the fundraising effort.

If the San Francisco firm’s fund hits its target, Alpine Investors VIII LP will be 70% larger than its predecessor, which closed at $1 billion in 2019.

Alpine typically takes controlling stakes in midmarket North American software and technology services companies with up to $500 million in enterprise value that have earnings of $1 million to $40 million before interest, taxes, depreciation and amortization, according to its website.

Alpine is best known for its approach to developing talent, particularly for the companies it backs. The firm runs what it calls a CEOs-in-Training, or CIT, program designed to recruit managers right out of business school and groom them to assume senior roles at the firm’s portfolio companies. It also manages another program called CEOs-in-Residence, or CIRs, which consists of experienced chief executives that either assume CEO roles at portfolio companies or advise management teams.

Alpine’s recent acquisitions include Aspira, a software provider for the outdoor-recreation industry, and Innovative Systems LLC, which offers software for the telecommunications industry.

Source: Wall Street Journal