New independent private equity firm Ten Coves Capital has assumed the management of two Napier Park Financial Partners growth equity funds, with an aggregate of USD325 million in committed capital, and will continue to support existing growth equity portfolio companies and investors.The firm will be led by Managing Partners Steve Piaker, Dan Kittredge and Ned May, who will be joined by Steve Lula and Kyle Kruse. Manu Rana will participate as a Founding Partner and Senior Advisor; he will remain a Partner at Napier Park continuing to lead their real assets investment business.
“The launching of the Ten Coves platform is a natural evolution of our business,” says Steve Piaker. “We have been privileged to partner with numerous successful FinTech entrepreneurs and establish a strong foundation within Napier Park. We are grateful for Napier Park’s support over the years, and are excited to now build an independent private equity business to further capitalise on the opportunity ahead.”
The Ten Coves partners have helped scale nearly forty FinTech companies across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments. Ten Coves portfolio companies include 7shifts, Bill.com (NYSE: BILL), Bluefin Payments, DadeSystems, Evalueserve (secondary sale), Georgia Commerce Bank (sold to Iberiabank), HealthEquity (NASDAQ: HQY), Jefferson National (sold to Nationwide), Lendio, Nvoicepay (sold to FLEETCOR), Point Predictive, Q4 Inc., Quovo (sold to Plaid), Reval (sold to ION Trading), Softgate/TIO (sold to PayPal), TouchBistro, and TrueMotion.
“We are excited to start a new chapter as Ten Coves, leveraging our team’s decades of experience and deep networks to help scale the next generation of innovative, FinTech companies,” says Dan Kittredge. “Outcomes are important, but we view them as a byproduct of our long-term focus and measured approach to scaling strategically significant businesses that are solving pain-points, enabling workflows and providing critical infrastructure to the largest financial institutions down to small businesses.”
Proskauer and Dechert served as legal counsel to Ten Coves and the partners. Sidley Austin served as legal counsel to Napier Park.
