Tech-focused buyout firm Turn/River Capital has soared to a $1.35bn hard cap close for its fifth flagship fund, more than triple the size of its predecessor vehicle.
The firm said Turn/River Capital V would continue its strategy of investing in software and SaaS companies, which has seen it make 25 investments since it was founded a decade ago.
Fund V will provide flexible capital for growth, liquidity, and acquisitions for software companies at all stages, it added.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The firm also revealed it had agreed to buy cybersecurity automation company Tufin in a $570m deal.
Turn/River managing partner Dominic Ang said, “Turn/River was founded on the idea that software investing is most successful when software operators and investors work together side-by-side, and Fund V is a testament to that.
“It has been an active last twelve months for Turn/River with record investments and exits, and we hope to build upon this momentum in Fund V.”
The firm added that it had invested heavily in its team in the last year, growing headcount by more than 50%.
Turn/River raised $420m for the final close of its fourth fund in 2020, two years after collecting $168m for Fund III.
Source: Altassets
Can’t stop reading? Read more
Bansk Group acquires majority stake in fast-growing skincare brand BYOMA
Bansk Group acquires majority stake in fast-growing skincare brand BYOMA Bansk Group has agreed to...
Ares prepares €1.5bn continuation vehicle for legacy European loans
Ares prepares €1.5bn continuation vehicle for legacy European loans Ares Management is planning a...
TPG to acquire GE Vernova’s Proficy software unit in $600m deal
TPG to acquire GE Vernova’s Proficy software unit in $600m deal TPG has agreed to acquire Proficy,...