Luminate Capital Partners closes USD1bn Fund III
Luminate Capital Partners has closed Luminate Capital Partners III, LP with USD1 billion of committed capital from a broad group of global institutional investors.
The oversubscribed fund closed at its hard cap and above its USD700 million target, bringing the firm’s total assets under management to USD1.7 billion.
Since inception, Luminate has built a portfolio of 13 market-leading enterprise software companies, most recently adding Axonify, the leader in frontline employee training software. The firm has completed a number of exits and recapitalisations in the past year, including the recapitalisation of Oversight Systems with TCV, the recapitalisation of StarCompliance with Marlin Equity, the recapitalisation of Conexiom with ICONIQ Capital, the sale of Comply365 to Liberty Hall Capital, and the sale of AMTdirect to MRI Software.
Luminate Founder and Managing Partner Hollie Haynes, say: “As we have built Luminate over the past six years, we have focused solely on growth-oriented market leaders in enterprise software. We work with management teams to build scale and extend market leadership. We are excited to continue to execute on this strategy and are fortunate to have a strong and dynamic team of investment professionals and operating advisors who are integral to our success.”
Haynes adds: “I am particularly proud that we were able to exceed our fundraising target in a relatively short period of time, especially given the uncertainty caused by the pandemic. We thank our limited partners for this vote of confidence.”
Fund III includes a diversified investor base of leading endowments, foundations, public and corporate pensions, asset management firms, and family offices. Moelis & Company LLC served as placement agent and Kirkland & Ellis LLP provided legal counsel for Luminate.