FTV Capital closes largest fund to date at USD1.2bn hard cap

Growth equity investment firm FTV Capital (FTV) has closed its sixth and largest fund to date, FTV VI, at ts hard cap of USD1.2 billion in capital commitments from existing and new limited partners. 

Over its 22-year history, FTV has raised nearly USD4 billion and invested in 114 innovative, high-growth companies in its core sectors:  enterprise technology and services, financial services, and payments and transaction processing. The new fund will continue to pursue opportunities in these sectors with a target equity investment of USD30 to USD100 million, helping portfolio companies accelerate expansion.

 
FTV had a highly productive year in 2019 with a record of over USD800 million in realisations, including a significant recapitalisation of True Potential, the sale of WorldFirst to Ant Financial, the acquisition of Health Credit Services by Ally Financial, and the sale of Empyrean Benefit Solutions to Securian Financial. In the last 12 months, FTV has also committed USD385 million to eight new portfolio companies including Docupace, a cloud-based digital operations software solution for wealth management; Sysnet, which provides cybersecurity and compliance solutions; Security Compass, offering enterprise DevSecOps software solutions; and Bought By Many, a London-based pet insurance provider.
 
FTV has consistently partnered with outstanding management teams, often as the first institutional investor, to help their companies scale and drive growth by leveraging FTV’s deep sector expertise and its Global Partner Network – over 400 executives from many of the world’s leading financial services firms delivering transformative insights and strategic networking opportunities. FTV also leverages its team of operational experts to help support its companies in executing their ambitious, strategic plans.
 
“We are grateful for the ongoing trust our investors have placed in our team and our differentiated approach, which drive us to find exciting, proprietary investment opportunities,” says Brad Bernstein, managing partner at FTV Capital. “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. We see tremendous opportunities ahead given the environment around our investment themes, including contactless payments, payment fraud solutions, enterprise digitalisation and remote workplace management. 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.”
 
“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,” says Karen Derr Gilbert, partner and head of fundraising at FTV Capital.
 
The fund saw renewed commitments from many existing investors, as well as interest from new LPs, which are diversified by size, type and geography across North America, Europe, Asia-Pacific and the Middle East.