PSG closes fifth US flagship fund at USD4.5bn
PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies, has closed PSG V, its fifth US flagship fund, at its hard cap with USD4.5 billion in third-party limited partner commitments.
The fund received commitments from both existing and new investors, including state and corporate pension funds, sovereign wealth funds and family offices. PSG V brings PSG’s aggregate capital commitments across the US and Europe to more than USD10 billion.
Founded in 2014, PSG has grown to a team of over 120 employees across offices in Boston, Kansas City and London, including more than 85 investment professionals and over 30 operations team professionals. PSG is also supported by 20 senior advisors. The firm closed its debut European fund earlier this year with EUR1.25 billion in third-party limited partner commitments.
Through PSG V, the firm will continue its commitment to its founding ‘buy and build’ strategy focused on helping middle-market software companies grow through strategic value creation initiatives in addition to sourcing and facilitating add-on acquisitions.
“Since inception, we’ve been extremely thoughtful in charting PSG’s expansion and we’re thrilled to arrive at this milestone with continued confidence in our strategy,” says Mark Hastings, Co-Founder and CEO of PSG. “We’re grateful for the support of our new and returning investors as we continue to scale and partner with a growing number of exceptional entrepreneurs and management teams.”
Peter Wilde, Co-Founder and Chairman of PSG, adds: "The significant investor demand for PSG V and the exciting trajectory that the firm is on is a true reflection of our entire team’s dedication, our investment approach and, most importantly, the hard work of our network of portfolio companies.”